When Joe Biden departs the White House and Donald Trump re-enters, America’s trading partners fear the US will distort commerce with high import tariffs, treat World Trade Organization rules with open contempt and use threats of trade restrictions to force them to follow the US lead.
“No change there” would be an exaggeration, but not a grotesque one.
The standard view is that recent years have seen the decay of a US-led postwar order in which world trade was governed by a rules-based legal and political framework. The decline, the story goes, rapidly accelerated under the first Trump administration and only slightly recovered under Joe Biden.
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