Self ‐​defeating Protectionism Plagues Biden Administration’s “Invest in America” Tour

Colin GrabowThis week the Biden administration kicked off its “Invest in America” tour aimed at highlighting White House ‐​backed initiatives such as the CHIPS and Science Act and Bipartisan Infrastructure Law. While meant to showcase the White House’s legislative achievements, the public relations blitz serves as a reminder of how the administration ’s stated goals are being undermined by protectionist measures that it supports. Here’s a closer look at some of those visits and the protectionist lessons that can be learned from each.President Biden ’s visit to a North Carolina ‐​based semiconductor manufacturer. In his visit to semiconductor manufacturer Wolfspeed on Tuesday President Biden spotlighted the company ’s construction of a new manufacturingfacility, which the presidentcredited to his economic agenda. Biden ’s time might have been better spent, however, learning about the company’s perspective on the ongoing trade war with China. As Wolfspeed notes in its most recent quarterlyreport, a key risk currently facing the company is the “economic and political uncertainty caused by the tariffs imposed by the United States on Chinese goods, and corresponding Chinese tariffs and currency devaluation in response.” Such uncertainties and possible retaliatory moves, the company added, could negatively impact demand for Wolfspeed’s products.It remains unclear exactly what punitive U.S. tariffs on Chinese goods a...
Source: Cato-at-liberty - Category: American Health Authors: Source Type: blogs