Trump has made reviving manufacturing a key plank of his pitch to voters ahead of his November 3 election showdown with Joe Biden, but data show his administration has a mixed record. — Reuters pic
The example underscores the double-edged impact of the US leader’s aggressive trade tactics, which have produced landmark deals like the USMCA pact with Canada and Mexico and a partial truce with China, but have had adverse effects on everyday Americans and the economy overall. He pointed to improvements in “a few very small, narrow areas” such as the steel and aluminium industries, but noted the hostile responses Trump’s policies earned from abroad.
He also inked the USMCA agreement, which includes provisions boosting US employment by requiring that nearly half of North American auto production come from higher paid workers, as well as tougher labour clauses that obliged Mexico to reform its laws. Daco said the US shift to becoming a service economy along with the globalisation of supply chains is to blame for the struggles to revitalise domestic manufacturing.
After agricultural commodity prices crashed in 2018, the government spent tens of billions of dollars to subsidise farmers but bankruptcies nonetheless jumped 20 per cent.
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