Biden vs Trump, Diverging Stances on Trade Issues Including 'Environment and Labor'

[Asia Economy Reporter Hwang Yoon-joo] Ahead of the U.S. presidential election in November, an analysis revealed that while the trade pledges of candidate Biden and President Trump share the commonality of 'America First' policies, they differ in the areas of 'environment and labor.'

According to the "Comparison and Implications of Biden vs. Trump Trade Pledges" released by the Korea International Trade Association on the 5th, the pledges announced by candidate Biden, such as Made in America and Buy American, are pointed out to be America First policies not significantly different from those of the Trump administration.

The report stated, "Even if candidate Biden is elected, a tough policy toward China will continue," and forecasted, "If Biden, who has declared that he will respond to China through cooperation with allies, is elected, the confrontation with China will expand from 'U.S. vs. China' to 'multilateral (U.S. and allies) vs. China.'

The biggest difference between the two candidates is seen in 'environmental policy.' Unlike President Trump, who withdrew from the Paris Climate Agreement last November and pursued deregulation policies related to the environment, candidate Biden announced that he would rejoin the Paris Climate Agreement on his first day in office. Additionally, he proposed imposing a 'carbon adjustment tax' on countries that fail to meet environmental obligations by 2025, highlighting that under a Biden administration, eco-friendly policies could emerge as new trade barriers and potentially expand into trade conflicts between developed and developing countries.

Furthermore, unlike the Trump administration, candidate Biden takes a somewhat cautious stance on new trade agreements. The report analyzed, "While President Trump has initiated trade negotiations with Japan, the European Union (EU), India, Kenya, the United Kingdom, etc., using them as political, economic, and diplomatic leverage, candidate Biden prioritizes domestic economic recovery and is unlikely to pursue new trade agreements immediately."

The report continued, "Due to the economic slowdown caused by the COVID-19 pandemic, protectionist trends are expected to continue regardless of the election outcome," and pointed out, "Although candidate Biden has expressed a negative stance on tariff measures under Section 232 and Section 301 of the Trade Expansion Act, it is uncertain whether he will revoke the currently implemented measures if elected."

This content was produced with the assistance of AI translation services.