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The 46th presidential election in the United States, which showed an unprecedented premarital pattern, ended with the victory of Democratic candidate Joe Biden. What stands out is that Rustbelt, like Pennsylvania and Michigan, which contributed to the election of Donald Trump four years ago, became the basis for Biden’s turnaround. It is ironic. The participation of minorities such as Latinos, young voters, and high approval ratings of women and seniors also contributed to Biden’s election. However, it is likely to suffer the aftermath of the presidential elections for the time being due to the electoral war tainted with controversy over unfair elections, various lawsuits and slander against the other party.
The face of the American leader is changing, but two stances in American trade policy are expected to continue. The first is “China Bashing”. Public pressure is the only one that has won bipartisan support from all walks of life, including parliament, industry and workers, among all of Trump’s policies. Biden removed the phrase “ I acknowledge the one-China policy ” that was stipulated in the 2016 presidential election this year. Like Trump, unfair trade such as subsidies from China, manipulation of exchange rates, cyber theft, intellectual property infringement, etc. He stated that he would not tolerate the practice.
Second, is the maintenance of national priority. Biden plans to issue the ‘Buy American’ executive order to prioritize the use of US-made products in public infrastructure projects, and plans to commit a $ 400 billion budget to purchase US-made products over the next four years. be be. Biden also criticized that the high tariff policy caused retaliatory tariffs from China, which only affected American consumers and agricultural households, but showed his intention to keep Article 301 of the Supermarket and Article 232 of the Trade Expansion Act, predicting that trade policy focused on protection trade will continue in the future. I have a bar.
However, in the rest of the world, Biden is expected to erase Trump’s traces as much as possible. If Trump has adopted a strategy to maximize US interests through bilateral negotiations, Biden will follow international standards and strengthen solidarity with allies while promoting reform of the World Trade Organization (WTO) and rejoining the Agreement on Pacific Economic Association of the Integral and Progressive Circle (CPTPP). It seems that it will try to restore the order of multilateralism.
Respect for the environment will be more important in the biden era. In January next year, it announced that it would rejoin the Paris Convention on Climate Change and plans to invest $ 2 trillion in clean energy and infrastructure construction over the next four years. If a carbon adjustment tax is imposed by 2025, there is the possibility of a new trade dispute with China, the number one country in carbon emissions.
The immediate concern is who will be the representative of the Commercial Representation (USTR), who will be responsible for the commercial policy of the biden administration. I think there is a high probability of becoming a woman. Among the women candidates are former USTR Vice President Miriam Sapiro, who served in the Obama administration, Foreign Relations Association (CFR) advisor to Jennifer Hillman, and former International Trade Commission (ITC) Chair. ) Kathy Pinegold. The male candidate is a member of the China-United States Economic Security Council (USCC) and Todd Tucker, a researcher at the Roosevelt Institute, but it is anticipated that if there is no suitable person available, current USTR representative Robert Lightheiser will be retained in the sense of bipartisan unity. There’s also.
For Biden fans, this victory is a sweet victory that can return to the unique American value of respect for diversity. But it may not be very sweet to us. Support for free trade is expected to boost global trade and boost exports, but the Biden administration will demand many contributions and roles from Korea in rebuilding the multilateral system, reforming the WTO, and responding to climate change, just like Trump.
We have shown the possibility of becoming a global leader in the process of responding to the global crisis caused by Corona 19. Well prepared and strategically eager to play as a team with the Biden administration.
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