Presidential rivals’ protectionist plans will also pile pressure on struggling logistics sector
New tariffs announced by Joe Biden and proposed by Donald Trump would push up inflation and damage the US freight sector, industry executives have said, as the presidential candidates ratchet up protectionist rhetoric ahead of November’s election.
According to many economists and bodies such as the Congressional Budget Office, tariffs raise domestic prices and decrease the purchasing power of US consumers. Freight businesses also say US efforts to “nearshore” global supply chains — a strategic aim of Washington as it tries to curb dependence on Chinese manufacturers — would reduce import volumes in the short term, as importers are forced to adjust.
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