Key Points
- Following four years of contentious trade wars and unilateral trade actions against key US partners under the previous administration, the Joe Biden administration must decide whether to continue those policies or change course to work multilaterally to achieve its goals. Thus far, trade policy under the new administration looks a lot like it did with the previous one.
- US farmers and ranchers have genuinely benefited from the multilateral trading system, but, as the past four years have shown, they are also vulnerable when the system is not working as intended.
- The next four years will present an opportunity for the United States to again lead in global trade policy. The recent agreement to remove tariffs on EU steel and aluminum exports is a good start.
To read the full report from the American Enterprise Institute, please click here.