Biden embraced Trump’s tariffs. It might be his undoing.

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Inflation has been higher than expected for three straight months, posing a threat to President Biden's reelection prospects. The Trump and Biden administrations both implemented policies that asked consumers to pay more for goods and services, contributing to inflationary pressures. Despite criticizing Trump's tariffs during his campaign, President Biden has kept them in place. The tariffs have not been effective in altering China's policies and have cost the American economy in terms of money and lost jobs. The tariffs have cost the U.S. economy nearly 200,000 jobs and 0.25 percent of its GDP annually. The Biden administration is reluctant to lift the tariffs, even though they have failed. The rising protectionism in America also has foreign policy costs, as seen in the administration's opposition to a Japanese company buying U.S. Steel. The decline in manufacturing cannot solely be attributed to globalization, as countries like Germany and France, which protected workers and invested in retraining, have also seen right-wing populism rise. The article suggests that policies designed to keep populists at bay may end up punishing mainstream politicians if they result in higher inflation and higher prices for consumers.

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https://www.washingtonpost.com/opinions/2024/04/12/biden-trump-tariffs-economy-inflation/