What the 2024 US elections mean for global trade
Published 16 July 2024
Regardless of the outcome of 2024 US presidential elections, the country’s trade policy will continue to be protectionist and its foreign policy will remain “transactional”, says Steven Okun, Founder and CEO of APAC Advisors.
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The United States’ approach to international trade is poised to follow its current trajectory post the 2024 presidential elections, with an expected increase in protectionist measures such as import bans, tariffs, and export controls. The Biden administration, if re-elected, is set to abide to its "lattice policy" of cooperative partnerships across Asia. In contrast, Trump, with his "transactional isolation", could steer the US toward economic decoupling, reducing its reliance on foreign trade.
Ongoing tensions between the US and China have already prompted significant shifts in supply chains in Southeast Asia. However, concerns persist over the region potentially becoming a trans-shipment hub for Chinese goods, which will remain a critical policy issue for the next administration, Steven Okun said.
About the NPF International Trade Fellowship 2024
The National Press Foundation holds an annual International Trade Fellowship workshop for journalists, sponsored by the Hinrich Foundation. This year, the Foundations welcomed 25 Asia-based journalists at the Hinrich Foundation’s office in Singapore. The sessions, held in June, focused on the impact of US presidential elections on trade, digitization of trade, Asia’s evolving role in global trade, and more.
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