REACTION to a widely-shared meme: “If you think shits expensive now, wait till we deport all the farm hands and start tariffs on all imports.”
I DON'T think "deporting" undocumented farmhands and factory workers or increasing tariffs on imported goods would "fix" the U.S. economy or at least bring it back to 1975, the last year America had a trade surplus. Meanwhile, illegal workers have been a constant in U.S. industry since way back when.
A major issue: American companies had been moving overseas, especially to China, right after the U.S./China trade pact of 2000 between Bill Clinton and Jiang Zemin. Right now, there are 8,619 companies in China; but just across the border in Mexico, 18,000 companies have U.S. investments.
Chinese manufacturing overtook the U.S. productivity in 2010, as companies moved East and elsewhere from 2001 to 2010. The U.S. experiences the worst manufacturing crisis since the Great Depression.
Meanwhile, the Biden administration invested over $12 billion to entice TSMC/Taiwan and Samsung/SK to build microchips factories in Texas. Those projects are halted. Why? Shortage of skilled workers. Etc etcetera.
THE platform that Donald Trump is running on, I believe, is anchored on bringing some manufacturing back to the U.S. via trade deals that are strategically "diplomatic" over competitively "combative" (as what President Biden employs).
Looking back. Mr Trump started (his POTUS term) disparaging China, which escalated into a trade war. It didn't work. For starters, the Chinese have the pertinent raw materials and largest labor force, inexpensive and ready to roll obediently. So Trump ended his China policy with a trade pact, which he hoped to follow through in case he won a second term in 2020.
Meanwhile, how many times Mr Biden sent State secretary Antony Blinken and Treasury chief Janet Yellen and (the last) a crack economic team to Beijing? All failed to break the Chinese, primarily to convince them to relax the global EV market.
Why did the missions keep on failing? While Joe "negotiates,” he disses the CCP at home or when he sits with the EU. Of course, Joe tried to goad China to a war in the South China Sea by way of Taiwan. Didn't work.
Also, the Biden/Kamala playbook of continuously tossing military aid to two (ongoing) wars messes up China's BRI investments in MENA and Eastern Europe. Yet who would most likely convince Russia and Iran to sit and talk on the table (and Saudi Arabia not to join the conflagration)? China.
Beijing is Iran's top oil buyer and Tehran really has to focus on economics right now due to the obvious. It doesn't need a war.
Note as well that the BRICS trade bloc has what the West needs. Raw materials or pertinent minerals.
Also, ponder how China and India kept Russia's oil and natural gas selling regardless of Biden's call to boycott Moscow.
Israel didn't even heed Joe's call to send arms to Ukraine. Obviously Bibi isn't Joe's buddy. Etc etcetera.
The global order has changed. Trump has handled it better because he knew how to play chess with America's most powerful rivals. The slogan “Make America Great Again” makes sense because of the fact that America's global power has weakened in recent years.
“Build Back Better” from what and by how? A hawkish foreign policy? It may have worked before. Military brinkmanship? Not anymore. These are not colonization years anymore.
AMERICA can probably bring some of manufacturing back home but not the way it was. Repeat: 1975, the last year of U.S. trade surplus. This is a long discussion.
Major reasons are not solely confined on how Washington carries out its trade policies, home based and overseas. The world outside of America isn't dumb. Or China, India and Russia (Soviet Union then or the Rus, historically) and the Middle East were already active civilizations long before the United States was born etcetera. We always forget that fact.
Points that matter: China joined WTO in 2001 (after the game changing trade pact with the U.S. in 2000); Russia joined in 2012 (note its huge-ass energy exports). The Middle East has learned Western styled capitalism big time via its massive oil and natural gas production or global leverage. Its people have also woken up; check Arab Spring of 2011.
The Asian Tigers (South Korea, Taiwan et al) have thrived to join China, India (had the highest economic growth post covid at 7+ percent) and Japan in their trade march.
The rest of the world essentially does business with China or is funded by Beijing's 5 state-owned banks, the world's largest. China also gathered 14 Asia Pacific economies into the world's largest trade bloc, the RCEP, just 2 weeks after Biden won as POTUS in 2020.
But China or BRICS (irrelevant of Russia's "you can't bully me the bully" girth which can be contained on the trade table than at war in the field) favors trade or trade over war or military to influence their geopolitical expansionism.
Anyhow, even if we stop buying "anything Chinese" or made abroad or imports, the APIs in our meds or drugs, silicon and lithium etc in our computers and cars come from China and BRICS or countries where they have massive economic clout. I mean these countries may "align" with the U.S. politically yet when it comes to economics? They partner with or buy Chinese stuff or minerals.
Note as well that the world's largest (inexpensive) labor force are in China and India or BRICS. Others are in Mexico and Indonesia and Sub Saharan Africa; they have lots of Chinese money. Major EU powers were even still buying Russian oil/gas as they tossed military aid to Ukraine. How whacked that is!
Yet America stays as the global #1 due to many reasons beyond economics and (geo)politics. But that'd be another lengthy discourse. I digress for now. LOL! ππ½π