The United States' trade policies under the Trump administration, which spanned from 2017 to 2021, were marked by significant changes and shifts in approach. Some of the key aspects of these policies include:
*Tariffs and Trade Wars*
- *Tariffs on China*: The Trump administration imposed tariffs on approximately $380 billion worth of Chinese goods, which led to retaliatory tariffs from China ¹.
- *Tariffs on Steel and Aluminum*: The administration also imposed tariffs on steel and aluminum imports from various countries, including Canada and Mexico, which led to retaliatory tariffs ¹.
- *Trade War with China*: The tariffs imposed on China led to a trade war, which had significant implications for the US economy, including increased costs for businesses and consumers.
*Trade Agreements*
- *USMCA*: The Trump administration renegotiated the North American Free Trade Agreement (NAFTA) and replaced it with the United States-Mexico-Canada Agreement (USMCA) ¹.
- *Withdrawal from TPP*: The administration withdrew the US from the Trans-Pacific Partnership (TPP), a multilateral trade agreement that aimed to promote economic integration among participating countries ¹.
*Impact on the US Economy*
- *Increased Costs*: The tariffs imposed by the Trump administration led to increased costs for businesses and consumers, which had a negative impact on the US economy ¹.
- *Reduced Economic Output*: According to estimates, the tariffs imposed by the Trump administration reduced US economic output by 0.2% and led to a loss of 142,000 full-time equivalent jobs ².
- *Impact on US Farmers*: The trade war with China had a significant impact on US farmers, who faced reduced exports and lower prices for their products ¹.
*Legacy of the Trump Administration's Trade Policies*
- *Shift towards Protectionism*: The Trump administration's trade policies marked a significant shift towards protectionism, which had far-reaching implications for the US economy and its trade relationships with other countries ¹.
- *Increased Tensions with Trading Partners*: The administration's trade policies also led to increased tensions with trading partners, including China, Canada, and Mexico ¹.