Joe Biden raises taxes and eases tensions in global trading system

Biden Trump
Biden Trump

Over the weekend, the United States learned who would be in office in the Oval Office of the White House for the next four years. Joe Biden, a Democrat, became the 46th US president. Markets and experts embraced his victory with a scathing victory.

The election of Joe Biden as US president will bring calm in the field of international trade, according to analysts. While Donald Trump has styled himself as someone who wants to settle trade relations from an American perspective, even at the cost of starting a trade war with China and, eventually, possibly with the European Union, Biden is likely to act as one to gradually dampen the conflicts that have arisendily.

This is particularly good news for the European Union, which was already preparing to impose retaliatory tariffs on American goods. Now it looks like the 27 will wait until Joe Biden takes office in January with his decision on tariffs. At the same time, experts assume that the US trade war with China will not end now, but will gradually end.

Joe Biden also makes no secret of the fact that he is closer to higher taxes for corporations and wealthy Americans. While Donald Trump has cut income taxes, Biden will raise them again. But very likely not to the level left behind by Trump’s predecessor, Barack Obama. Experts also expect Biden to push through a sweeping fiscal package to stimulate the US economy. It can be said that such an injection would come in high time.


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