A survey was conducted in the American Chamber of Commerce regarding businessmen’s expectations and opinions on Joe Biden’s presidency.
According to the survey, 63% of the 124 business executives are optimistic about their business dealings with China under the administration of Joe Biden. Furthermore, business executives are also expecting a reduction of tariffs on products that are manufactured in China.
According to the president of AmCham Shanghai, Ker Gibbs, Biden’s presidency will have a positive impact on international business dealings and relationships with other countries. 70.2% of the survey respondents are expecting a reduction in tariffs and are hoping for better trade relationships with China.
There has been no official decision taken by Biden yet. Earlier, Biden’s campaign did claim the cancellation of tariffs on the China-based products that were initially imposed by Trump. But there has been no further work on the statement. The business executives are looking forward to the official decisions.
According to the reports, the multinational companies have discussed the issue of tariff-reduction in a business roundtable conference. The business executives further discussed how Trump’s imposition of tariffs affected the trade. Furthermore, Hank Paulson said in the business conference that only existing tariffs would be removed, depending on the business profit and advantages from trade with China.
The president-elect is anticipated to ease-out many business patterns that were unfavorable during Trump’s government. Although according to Trump, he decided to serve the country, although it was against the will of the business sector. Biden is now focusing on the working of multinational companies with free trade policies.
The Senate Republicans are also positive and supportive of Joe Biden’s business strategies. According to Sen. Jim Risch, the strategies should work on democratic patterns. Furthermore, Risch is looking forward to collectively work with Biden’s administration to improve the trade relationships with other countries.
Previously, Joe Biden supported the inclusion of China in the World Trade Organization and also promoted trade relations in the US.