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Biden treads carefully around Trump's combative trade policy

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By PAUL WISEMAN

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A better policy than tariffs are to simply prohibit state owned or state controlled businesses from doing any kind of business in the US and prohibit them from using the US dollar and US financial institutions in trade. Tariffs raise prices above what they would be in a fully competitive market, and the higher prices create a deadweight loss to the economy. Let privately owned companies compete. It is the only way they remain healthy and it keeps prices at their minimum. There is no upside to tariffs. But make it clear that to the Chinese and anyone else that if they are found to be exploiting a private firm for espionage, data collection or otherwise using them to harm the interests of the US then that firm will be banned from doing business in the US and from using US Dollars and US financial institutions to do their business.

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When national policies of any kind are based on false assumptions, racism, and a lack of understanding of basic facts and logic, it is not surprising that the consequences of those policies are bad for all concerned.

IMO, Pres. Biden should unilaterally reverse the worst of the economic actions taken against China, Canada, and the EU. The current trade wars, which are bad for all sides, were caused by actions taken by the former US President, and they can be resolved by the current US President.

Likewise with the nuclear arms treaty with Iran. The former US President unilaterally ended the nuclear arms treaty, and the current US President should reverse the bad decisions made by Trump.

If, after the US has reversed what Trump did, and after a reasonable amount of time, our trade partners and Iran do not reverse the actions that they took in response to the ill-considered actions of Trump, then at that point Pres. Biden should consider a response.

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