American President Joe Biden has walked in the footsteps of former President Donald Trump when it comes to competition with China, continuing and even escalating the confrontation.
Biden¡¯s industrial policies, such as the Inflation Reduction Act (IRA) and CHIPS and Science Act, marked a continuation of Trump¡¯s economic and trade scuffle with Beijing. During the election campaign, the president-elect made it abundantly clear that the rivalry will continue, if not intensify, during his second term.
Trump has also promised to undo many of Biden¡¯s climate change-related initiatives and industrial policies, including tax credits worth up to $7,500 for purchasing electric vehicles and other environmental regulations.
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