Biden Wants to Follow in Trump's Footsteps? - - Financial Market Media No. 1 in the World Biden Wants to Follow in Trump's Footsteps? Biden Wants to Follow in Trump's Footsteps?

June 9, 2021

Biden Wants to Follow in Trump's Footsteps?

 It was reported that the United States (U.S.) would impose harsh action on China following unfair trade practices. The statement was reported by the administration on Tuesday while launching findings on U.S. access. to critical products, from semiconductors to electric vehicle batteries.

The U.S. administration will begin scrutinizing companies including Chinese state-owned companies that violate certain standards and could disrupt the trade chain will be included in the watch list.

Trade officials informed that the Commerce Department is considering starting a Section 232 investigation into the impact of national safety involving imported goods of neodymium magnets used on motors and other industrial applications, most of which come from China.

President Joe Biden ordered a review of the critical supply chain in February that would take in 100 days to get feedback. Steps and follow -up actions will be taken based on the findings.

While not explicitly addressed to China, the survey is part of the Biden administration’s broader strategy to increase U.S. competitiveness in the face of the economic challenges posed by the world’s second -largest economy.

The United States is currently facing serious challenges in procuring medical equipment during the outbreak of COVID-19 as well as other items such as computer chips and many more.

The report will raise concerns among the market due to concerns that the current situation of the Trump administration will recur.