Opinion ‘Friend-shoring’: Biden signs up new allies to hedge against China
The Biden administration’s new trade strategy is taking shape as it seeks to de-couple from China while reducing the impact on inflation of Donald Trump’s trade wars. Along with the “re-shoring” of strategic activity it is now putting in place the plans for a series of “friend-shoring” alliances.
It also represented further progress in the thawing of the trade relationship between the US and Europe that had been frozen by Trump’s waving of the transparent banner of “national security” as justification for imposing punishing tariffs on America’s closest allies. As with the deal with the EU, there will also be a focus on reducing the carbon intensity of the steel industry .The US is also in discussion with the UK over lifting tariffs on its steel exports, although those talks are complicated by the Biden administration’s use of trade as leverage to influence the outcome of Britain’s decisions on whether or not there will be a post-Brexit trade border in Northern Ireland.
While that’s a policy shift driven by the administration’s environmental goals, China dominates the production of solar panels. That’s despite the reality that China has failed to live up to the much-vaunted truce agreement it signed with the US in 2020.
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