Nothing for now!
After seeing Joe Biden in the seat as the President of the United States, the world has begun to conjecture—among many things—how the new President is likely to start his term. For the electronics industry, the most important question is, will he remove the China tariffs on electronic components?
Right now, the electronics industry is hanging in the balance. Many companies have relocated their manufacturing to other countries, and others have either made plans to do so or are waiting to see if the tide changes. However, as far as indications from the White House go, the President has four immediate priorities, none of which address the China tariffs.
- COVID 19
For now, the burning issue at hand is the COVID-19 pandemic raging through the US.
- The Economy
The President will be attempting to pass the American Rescue Plan to save the economy from the clutches of the pandemic by strengthening small businesses and investing in futuristic activities in hopes to create millions of jobs.
- Social Equity
The President will focus on creating equal opportunities to everyone across America.
- Global Warming
President Biden plans to make move towards a clean energy revolution. This could actually boost the consumption of electronic components.
Bipartisan Support for China Trade Policies
The US Congress continues bipartisan support for tough measures against the Chinese challenge. President Biden and his administration believe that for effective American countermeasures to the Chinese challenge, close consultations with partners and allies is necessary to take a unified stand. The administration aims to work with both sides in the Congress for creating and sustaining a greater domestic unity about the China policy.
Rebuilding Bridges with International Allies Before Making China Policies
The President prefers to first rebuild bridges with America’s allies. Not until then then will Biden build a united front against negative Chinese practices. However, these consultations are likely to take months before reaching any meaningful results.
In summary, President Joe Biden is unlikely to remove tariffs any time soon, and the electronics industry should not be expecting broad changes to the China policy.
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