BRASILIA: Democratic candidate Joe Biden should maintain a tough stance against China if he wins the US presidential election, but focus more on industrial policy than trade tariffs, according to Nobel-prize winning economist Paul Krugman.
"So what Biden should probably do is continue to face up to China, but in a different way. Focus more on industrial policy and bring other countries on board to join the effort," he said. The Trump administration imposed staggered tariffs on more than US$370 billion in Chinese goods in 2018 and 2019, arguing China was stealing intellectual property and forcing US companies to transfer technology for access to China's markets.On the US economy, Krugman said the biggest challenges in addition to the near-term uncertainty fuelled by the COVID-19 pandemic are structural changes in the demand for labour, and secular stagnation.
Krugman also said he is worried about the fiscal situation in emerging economies, especially Turkey. He said the growing ability of many emerging market economies to borrow in local currency, rather than dollars, had eased access to credit.
For most times, mistaken CNA tweets with CGTN.
' should focus more on industrial policies than trade tariff '
🤣Biden stand up to China, nice title. he was vp and what have he done?
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