In 2018, then-President Trump imposed duties on a wide range of products from China, and on aluminum and steel products from U.S. trading partners in Europe and Asia. In total, his administration placed $80 billion in tariffs on products worth $380 billion. The Biden administration maintained these tariffs and then, in May 2024, added another $18 billion in tariffs on Chinese goods, impacting semiconductors and electric vehicles.
Some exemptions were made for imports from certain allies. Still, estimates suggest that these tariffs will reduce long-run gross domestic product (GDP) by 0.2 percent, will reduce the United States' capital stock by 0.1 percent, and will result in the loss of 142,000 full-time jobs.
With the 2024 Election Day less than a week away, the question of what lies ahead is top of mind for many Americans. The 2024 presidential candidates—Kamala Harris and Donald Trump—have outlined visions for U.S. trade policies that contrast in many ways, particularly regarding trade with China.
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