In a stunning political comeback, Donald Trump secured victory in the 2024 U.S. presidential election, signaling a more aggressive approach to his “Make America Great Again” (MAGA) agenda. The newly articulated policies promise significant shifts in global trade, environmental commitments, and economic strategies.
A Push for Domestic Manufacturing
One of the cornerstones of Trump’s renewed agenda is a counter-globalization strategy aimed at revitalizing American manufacturing. The administration plans to leverage executive powers to enforce “Buy American, Hire American” policies. American companies with outsourcing operations may face prohibitions from obtaining federal contracts, pushing industries to relocate supply chains back to the United States. The ultimate goal is to establish America as a “manufacturing superpower.”
Protectionist Trade Policies
The Trump administration’s trade policy is poised to adopt extreme protectionism and unilateralism. Under the banner of protecting American workers and reducing the trade deficit by $1 trillion, there are plans to impose a basic tariff ranging from 10 to 20 percent on all imports worldwide. Additionally, revoking China’s permanent normal trade relations (PNTR) status could result in cumulative tariffs of up to 60 percent on imports from the Chinese mainland.
Retreat from Global Environmental Commitments
Trump’s agenda also includes a departure from global green transition efforts. The United States may withdraw from the Paris Agreement once again and lift restrictions on domestic oil and gas production. By boosting fossil fuel output, the administration aims to make the U.S. the world’s largest producer of oil and natural gas. Policies supporting electric vehicles could be rolled back, with intentions to halt imports of automobiles from countries like China.
Global Implications
These policy shifts pose significant challenges to globalization and international cooperation. The move towards protectionism and the potential for trade conflicts could disrupt global supply chains and affect economies worldwide. The retreat from environmental commitments may also impact global efforts to combat climate change.
Reference(s):
cgtn.com
