Don’t expect new trade deals under Biden right away
A University of Missouri Extension research associate expects President Biden to adopt no more go-it-alone trade policies but does not expect any new trade deals early in his term.
Ben Brown says the U.S. could eventually re-partner with the members of the original Trans Pacific Partnership, now the CPTPP, “President Trump, on his third day in office, pulled us out of the Trans Pacific Partnership. I think Biden could re-engage us in that. That’s with several other Pacific Rim countries, the largest being Japan.”
Brown says that partnership allowed countries to remove tariffs for all buyers and while the US has struck individual deals with some of those countries, he expects Biden to have a more multi-lateral approach.
He expects Biden to support bolstering reform of the World Trade Organization appellate body.
“That was being attacked prior to President Trump, all the way from President Bush and Obama, there were concerns about the appellate body and I look for President Biden to work within the WTO system.”
Brown says he doesn’t expect any new trade deals right away because Biden wants to focus on the domestic economy first.