The 2024 Election: Where is the United States headed?

As the 2024 U.S. presidential election nears, trade remains a key economic topic.

Both candidates—Kamala Harris and Donald Trump—bring distinct approaches to international commerce, tariffs, and domestic industry protection. The next president’s trade tactics will influence American businesses and the global economy, underscoring the importance of understanding each candidate’s stance on key trade issues.

Trade Policies: Harris vs. Trump

Kamala Harris

Harris is expected to pursue a balanced approach between safeguarding American economic interests and maintaining cooperative international trade relationships. Her platform leans towards scrutinizing trade agreements to ensure they align with both labor protections and environmental standards, reflecting a focus on sustainable trade that supports American workers. If elected, Harris may prioritize economic policies that protect U.S. industries while fostering sustainable trade agreements.

Donald Trump

Donald Trump’s trade agenda has historically focused on a protectionist approach. His proposals include a blanket 10% tariff on all imports, with specific tariffs on Chinese goods reaching as high as 60%. While these tariffs aim to protect domestic industries and reduce the trade deficit, they could lead to significant changes in import dynamics, manufacturing costs, and pricing for U.S. consumers.

Shared Views

Both candidates agree on restricting investments in sectors deemed sensitive, such as advanced technology and military equipment, to limit foreign influence in crucial industries. This continued caution, especially with China, indicates a likely continuity of measures restricting investment in sensitive sectors.

This article from Atradius Economist Dana Bodnar focuses on the global impact of both outcomes of the election. We, alongside the rest of the world, are closely watching the results and assessing their implications for trade and foreign policy. Once the election concludes, we’ll provide an updated analysis to explore what the next four years might hold for global trade. There is a likely chance there will be a delay in determining the final winner, but we will also begin to see more on the congress elects as well.