Of politics, trade and friendshoring

The steep tariff hikes imposed by the US are actually a reflection of what Unctad, in its December 2023 update on global trade, regards as an uptick on trade restrictive measures across the world that makes the outlook for 2024 “highly uncertain and generally pessimistic”. — Photo: Image by kjpargeter on Freepik

THERE are warning signals for Malaysia in US President Joe Biden’s move to steeply hike tariff rates on certain imports from China last week. With protectionist tendencies rising in a landscape where populist policies or measures help woo voters, such targeted tariffs could widen to other countries.

Biden, who faces an election this November against another geriatric, is facing pushback from much younger voters opposing his support of Israel in its ongoing conflict with Hamas and this is an opportunity to wrangle votes from crucial swing states such as Pennsylvania and Michigan, where jobs have been lost to globalisation and China’s push to become an export powerhouse.