[2024 미국 대선]
All-out effort to target voters in the rust belt… Harris “Strategic support for automobiles, steel, etc.”
Trump announces tariffs on FTA countries… Changes in the global industrial landscape are inevitable after the presidential election.
“Trump is the president who caused the greatest damage to American manufacturing.” (U.S. Democratic presidential candidate Kamala Harris)
“Harris wants to send American jobs to China” (Republican presidential candidate Donald Trump)
Democratic presidential candidate and Vice President Kamala Harris and Republican presidential candidate and former President Donald Trump made pledges to revive the manufacturing industry with a strong ‘America First’ philosophy. As the so-called ‘Rust Belt’ (declined industrial zone) such as Pennsylvania and Michigan emerged as a key battleground that will determine the presidential election, he emphasized, “I am the right person to protect the manufacturing industry” in order to capture votes in this region. Some predict that, no matter who is elected, a strong America-first economic policy will be implemented, so changes in the global industrial landscape will be inevitable.
● Both Harris and Trump “resurrect manufacturing”
On the 25th (local time), Candidate Harris presented 13 economic pledges, including tax cuts for the middle class, increased taxes for the rich, and price stability, through an economic pledge book titled ‘A New Path Forward for the Middle Class.’ In the 9th pledge, ‘Investment in American Innovation and Industrial Capacity’, he introduced a policy to foster the manufacturing industry through tax credits worth 100 billion dollars (about 133 trillion won) over the next 10 years. The core of Candidate Harris’s pledge for the manufacturing industry is investment in cutting-edge technology and strategic industries, protection of manufacturing jobs, support for companies, and firm measures against competitors such as China.
In particular, the strategic industries targeted for support included high-tech industries such as artificial intelligence (AI), quantum computing, blockchain, and aerospace, as well as steel and automobiles. The plan is to expand the Joe Biden administration’s policy of attracting high-tech industries through the Semiconductor Act and provide subsidies to protect key industries such as steel. Candidate Harris also said in an MSNBC interview that day that she was opposed to Japan Steel’s acquisition of US Steel and said, “Steel is very important not only for the economy but also for security.” In addition, the government announced its intention to grant various tax benefits to approximately 100 million middle-class people and startups.
Candidate Trump plans to attract manufacturing to the United States by imposing high tariffs on imported goods and reducing corporate taxes. On the same day, at a rally in Charlotte, North Carolina, he said, “I saved the American industry from destruction through tariffs (while in power),” and “I will impose tariffs of 50 to 200 percent (on imported goods).” Candidate Trump announced a new industrialism pledge containing this content at a campaign rally in Savannah, Georgia a day ago. This included the establishment of a special corporate zone without regulations.
Attorney Stephen Vaughn, who served as the Chief of Legal Affairs at the Office of the U.S. Trade Representative (USTR) during the Trump administration, said at an academic event held by the Institute for Korean Studies at George Washington University on the 25th that candidate Trump’s high tariff pledge “must be taken very seriously.” This means that Korea, which has signed a free trade agreement (FTA) with the United States, is no exception to tariffs.
● America-first policy becomes the ‘new normal’
As the two candidates competitively made pledges to protect and foster the manufacturing industry in battleground states, industrial policies that provide subsidies or build trade barriers such as tariffs to support specific industries are considered America’s “new normal.” There is also an analysis that says this has happened. The Washington Post (WP) has been controversial in the past because government-led industry development policies may backfire in the United States, which values corporate autonomy, but after the inauguration of the Trump administration, the perception that it is inevitable to protect industry against China has spread. It was assessed that the Democratic Party also accepted this.
The two candidates also strongly criticized each other’s economic policies. Candidate Harris said in an MSNBC interview, “Trump, who is rich, does not seriously think about how his pledges will affect Americans,” and added, “His tariff pledges (by raising prices) will cost each family $4,000 (about 5.32 million won) per year.” ) will cause more spending, and will bring about an economic recession.”
Candidate Trump countered, “Harris, who attacks tariffs, is trying to send jobs to China.” In a statement, the Trump presidential campaign claimed, “Harris’ economic speech contained no specific content or solutions to the economic disaster caused by the Biden administration,” and “gaslighted Americans with the madness of the radical left.”
Washington = Correspondent Moon Byeong-ki [email protected]
Reporter Hong Jeong-su [email protected]
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2024-09-27 18:53:33