President Biden's decision to withdraw from the presidential race has raised concerns about America's position in the global economy and its role as a torchbearer of democratic ideals [0bb724e7]. The world outside America plays a significant role in the US economy, and the ideological war between democratic and tyrannical forces is intensifying [0bb724e7]. Former President Donald Trump and Senator J.D. Vance, both of whom have captured the Republican Party's nomination, have positioned themselves to appeal to devout Christians and Americans who support Trump's policies [0bb724e7]. If Trump and Vance are elected, the stature of the US as a torchbearer of democratic ideals may suffer [0bb724e7].
President Biden's decision to indefinitely shelve a trade deal with Britain is undermining efforts to present a united front against China and hindering progress in countering China's growing threat [f14e8feb]. The Western alliance needs to work together to counteract China's influence, but short-sighted protectionism is weakening the alliance [f14e8feb]. While Biden's focus on strengthening America's economic might is important, a strong Western economy is also necessary [f14e8feb]. The US is adopting a strategy of 'de-risking' from China, imposing sanctions and tariffs to protect crucial industries. However, without strong Western allies, America's dominance will be weakened [f14e8feb]. A US-UK trade deal would deliver enormous benefits to both countries, as the US is the UK's largest single market and the UK is the second largest corporate investor in the US [f14e8feb]. Additionally, a trade deal with Europe is crucial [f14e8feb]. Biden's protectionism is ceding economic leadership to China at a time when Western economies should be working together and fighting back [f14e8feb].
More than one-sixth of trade posts within British consulates in the US have been axed, with 24 people losing their jobs and other vacancies left unfilled, out of 150 posts [eee1efcd]. The civil servants responsible for delivering state-level trade deals with individual US states have been let go [eee1efcd]. British business leaders in the US express outrage and disbelief at the decision, as the regional trade directors and their staff had decades of experience and built up contacts with American businesses [eee1efcd]. The consulate directors served as the connective tissue between British and American business leaders, making introductions, giving advice, and lending their expertise [eee1efcd]. The removal of these directors is seen as an act of arson and undermines Britain's 'gateway to Europe' status for American companies following Brexit [eee1efcd]. The removal of a large swathe of intellectual capital and institutional knowledge is potentially worrisome and could strain the trade teams who are already short on resources [eee1efcd]. Boris Johnson, Liam Fox, and other Brexiters had hoped that signing a trade deal with the US would provide economic growth for the UK, but those hopes were dashed as no deal was reached with either Donald Trump or Joe Biden [eee1efcd]. State-level trade deals have seen some recognition of British professional qualifications and removed some regulatory barriers [eee1efcd].
Trade expert Stephen Jacobi warns that the US presidential election poses a threat to the global economy and could harm New Zealand's exports [51bc209d]. He suggests that New Zealand exporters to the US may be at greater risk of disruption than those exporting to China [51bc209d]. Jacobi highlights the possibility of the US imposing a 10% tariff on all imports, which would have a significant impact on New Zealand trade [51bc209d]. He also notes that the US market lacks guaranteed access for New Zealand, unlike China, which has a free trade agreement [51bc209d]. Jacobi argues against efforts to shift trade away from China and expresses concern about the potential disruption from a change of government in the US [51bc209d].
Former US Congress member Jason Altmire has raised concern as the Republican Party moves towards isolationism and a retreat by the US in extending economic support to its African allies [7dfac7eb]. American foreign policy in the months to come will impact China's relationships with developing economies [7dfac7eb]. Democratic Representative Suzan DelBene defends US leadership in the global economy, including market-opening trade agreements and support for US technology companies [9680496f]. US Representative Katherine Tai warns of the dangers of traditional US trade liberalization politics, which she believes have fostered inequality, social injustice, and domestic monopoly [9680496f]. DelBene emphasizes the need for Congress to reassert its constitutional role in trade policy, while Tai calls for a 'new way' that addresses broader issues such as monopoly, economic opportunity, the environment, and social justice [9680496f]. DelBene hopes for a second Biden administration to move forward with international trade negotiations [9680496f].
Bill Ackman, CEO of Pershing Square Capital, criticizes President Biden's withdrawal from the presidential race and warns of potential exploitation by rivals [2853d45d]. President Biden announced his withdrawal and endorsed Vice President Kamala Harris as his successor on his personal X profile [2853d45d]. Ackman criticizes the decision to post the announcement on a social media site instead of traditional media channels [2853d45d]. Ackman suggests that rival world powers could take advantage of the political upheaval in the U.S. [2853d45d]. Geopolitical tensions, including the situation in Ukraine and the Middle East, are a concern for Wall Street veterans [2853d45d]. Tensions around Taiwan have been increasing, with former President Donald Trump making statements about the territory [2853d45d]. Taiwan is seen as politically distinct from China, but China views it as part of its territory [2853d45d]. President Biden has not yet addressed the nation [2853d45d].
In an opinion piece titled 'View from the Country: America in danger of being the odd man out,' Richard Fulton highlights concerns about America's position in the global economy [1dce7181]. Fulton argues that President Trump lacks understanding of international economics and trade policies, which puts America at risk of being isolated in the global economy [1dce7181]. He points out that Europe has the Union to level the field for trade, while Asia is working towards a Trans-Pacific Partnership agreement that excludes America [1dce7181]. Fulton also mentions that Africa is moving forward with an economic pact, and Trump's isolationist approach is alienating America from its NAFTA partners [1dce7181]. He warns that threatening to pull out of NAFTA endangers the American economy, as trade with Mexico and Canada has tripled since the agreement was implemented [1dce7181]. Pulling out of NAFTA would result in higher tariffs on goods and complicate the automotive industries in all three countries [1dce7181]. Companies may also switch manufacturing out of North America, and Mexico and Canada would seek new trade agreements, questioning America's trustworthiness in trade deals [1dce7181]. Fulton concludes by stating that Trump lacks knowledge about international trade [1dce7181].
This opinion piece sheds light on the concerns surrounding America's position in the global economy, particularly in relation to trade policies and international alliances. It highlights the potential consequences of President Biden's decision to shelve a trade deal with Britain and the impact of his protectionist approach on the Western alliance's efforts to counter China's influence. The removal of trade posts within British consulates in the US and the loss of experienced staff is seen as detrimental to trade relations between the UK and the US. Additionally, trade expert Stephen Jacobi warns of the potential disruption to New Zealand's exports due to the US presidential election and the lack of guaranteed access to the US market. The opinion piece also touches on concerns about the Republican Party's move towards isolationism and the need for the US to maintain its leadership in the global economy. Bill Ackman's criticism of President Biden's withdrawal from the presidential race and the potential exploitation by rival world powers adds another dimension to the story. Overall, this opinion piece provides a comprehensive perspective on the challenges and risks America faces in the global economy [1dce7181] [f14e8feb] [eee1efcd] [51bc209d] [7dfac7eb] [2853d45d] [0bb724e7].