Trade Policy 2024

WM: Biden Administration’s 2024 Trade Policy Agenda with United States Trade Representative Katherine Tai, April 16, 2024

Finance: The President’s 2024 Trade Policy Agenda, April 17, 2024

As Russian aggression in Ukraine continues, it must be a key component of our trade policy, not just including the obvious connection to our Foreign Military Sales program, which is being used to aid Ukraine directly and to backfill contributions by our NATO allies.

Europe’s energy independence is also a related issue, which means that replacing Russian energy with other sources is a relevant issue - and a reason to consider alternatives like increased support of nuclear power here and abroad (development of small modular reactors) and its use to replace gasoline with electric vehicles - either battery powered or tethered electric cars and trucks (on separate roadways. 

These changes are necessary, regardless of Ukraine, due to global climate change - particularly regarding the warming of the Barents Sea and its impact on the continued warming of the Northern Hemisphere. In short, the thermostat is broken and only drastic change, like replacing gasoline in urban areas, is required.

Replacing Ukrainian and Russian grain in the developing world is another priority - however such replacement should not rest with the United States, at least not in the long term. Instead, developing nations need help in developing nations to feed themselves. For too long, agricultural aid and trade have been predatory, designed to destroy local agriculture for the sake of our own. We need to ship know-how, not grain, whenever possible, although such know-how should respect local land ownership practices rather than imposing the Anglo-American system of ownership fee-simple arising as a grant from the British monarchy or state government.

Our comments from last year touch on still lingering issues of trade with China and the possible resurrection of something like the Trans-Pacific Partnership, immigration as a trade policy issue, consumption taxes and the issue of Tier 2 OECD corporate tax policy reforms. We have included them as an attachment, along with our usual attachments on taxation and trade policy, consumption taxes and an asset value added tax (which will include a need for a negotiated rate).

Some income taxation of the very wealthy as a way to reduce the debt is appropriate, as are the use of an income tax system (or subtraction value-added tax) to fund adequate tax support for families. Taxation for other domestic government, including contributions from employers to social insurance, should be replaced with a credit invoice value added tax or some sort of fair tax. To not do so runs counter to the spirit of the constitutional provision banning export taxes.

Attachment: 2023 Trade Policy Agenda

Attachment: Taxation and Trade Policy Video

Attachment: Consumption Taxes (Video links included)

Attachment: Asset Value Added Tax Video