Trade with China is expected to be reduced in 2020. But demand for Chinese products has soared amid pandemic blockades. Both sides agreed to extend a deadline for apparently tenacious trade negotiations to avoid a disruptive non-agreement by 31 December. The UK and the EU are due to reach an agreement on trade and future relations this year. Coronavirus, climate, taxation, technology and commerce, what will Joe Biden do? The EU`s chief negotiator, Michel Barnier, says the UK cannot have a Canadian-style trade deal with the Bloc, prompting a furious reaction from Downing Street. Japan is the UK`s eleventh largest export market, with the commercial value between the two countries reaching 29 billion pounds (32 billion euros) in 2018. As Barack Obama`s vice president, Joe Biden was a strong advocate for the Trans-Pacific Partnership (TPP) and Transatlantic Trade and Investment Partnership (TTIP) negotiations. As president, it is questionable whether he will take this thread and give a high priority to trade policy. It seems certain that he will not prioritize trade agreements, at least during the first period of his presidency.
At the beginning of his presidency, he will instead focus on emergency measures for the national economy. It is also certain that more attention will be paid to the concerns of Biden`s unions and environmental organizations. It is therefore unlikely that Biden will quickly withdraw the steel and aluminum tariffs advocated by the respective unions. If so, Biden also wants to use tariffs, but not to “falsify tenacity.” Nevertheless, he made it clear that he too would apply U.S. trade law consistently if U.S. jobs were threatened. Customs negotiations are continuing, but the pandemic has affected the progress of intra-African trade. For now, the new trade agreements are not on Biden`s agenda. In principle, however, it wants trade agreements to be based on higher labour and environmental standards. The fight against climate change is important for Joe Biden: during the election campaign, he spoke out in favour of border adjustment for CO2. The U.S.
president-elect`s comments come when Asia-Pacific countries, including China, sign a historic trade pact. President Trump`s trade agenda was based on four pillars: Will a change of guard in the White House make a big difference in U.S. trade policy? President Trump wanted to bring jobs back to the United States.