In a new op-ed for The Los Angeles Times, Scott Lincicome, Vice President of General Economics for the Cato Institute, suggests that Biden has a short time to remedy past policy errors and improve the United States’ economic and geopolitical prospects before Trump takes office, particularly in the area of trade.
He recommends terminating ineffective tariffs, particularly on steel, aluminum, and Chinese goods, which have caused more harm than benefit. Lincicome also advises eliminating tariffs on consumer goods from China and reconsidering safeguard restrictions on imported solar panels. Additionally, he encourages Biden to urge Congress to reclaim tariff authority and to fast-track the approval of Nippon Steel’s acquisition of U.S. Steel to bolster investment in the American steel industry.
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