Tax increases, social cuts: Biden attacks Trump's economic ideas

The American economy has crystallized tensions for several months between two deeply divergent political visions, embodied by Joe Biden and Donald Trump. On the one hand, the current president puts forward stabilizing management, based on international cooperation and support for the middle classes. On the other hand, Donald Trump promises radical reforms, centered on protectionist policies and tax cuts for the wealthiest. Thus, these oppositions go beyond national economic choices, but reflect directions which could reshape global trade balances.

Biden denounces an “economic disaster”

This Tuesday, December 10, 2024, Joe Biden spoke at the Brookings Institution to vigorously denounce Donald Trump's economic program, which he described as a “disaster”. During his speech, he put forward detailed arguments to justify his criticisms. It targets as a priority the planned increases in customs duties. According to Donald Trump's plan, these taxes could rise to 25% for imports from Canada and Mexico, as well as 10% for Chinese products, three of the United States' main trading partners. According to Joe Biden, such a policy would seriously damage international economic relations while weakening the national economy. “This approach is a huge mistake,” he said. declared. Additionally, it highlights risks to U.S. strategic partnerships and competitiveness.

The outgoing president did not stop there. He also criticized the tax cuts promised by Donald Trump in favor of the wealthiest taxpayers. He said the measures would lead to massive budget deficits and require cuts to vital sectors such as health, education and aid for veterans. “Trump's proposed tax cuts will only increase inequality and force budget cuts in essential areas,” he said. He calls on Americans to oppose “Project 2025,” an ultraconservative economic program supported by his opponent. These comments reflect Joe Biden's concern about the social and economic implications of Donald Trump's return to power.

International reactions and global issues

The criticisms made by Joe Biden go beyond the American political scene. They also resonated with several international leaders, who expressed their concerns about the tariff increases planned by Donald Trump. Claudia Sheinbaum, Mexican President, stressed that these measures would have harmful consequences on both sides of the border. She states that “these measures will cause inflation and job losses on both sides of the border.” For his part, Justin Trudeau, Canadian Prime Minister, insisted on the essential role of his country in the energy supply of the United States. Furthermore, he warns of the disruptions that these tariffs could cause. China, through its Ministry of Commerce, has also reacted strongly and calls on Washington to respect international trade rules. According to Chinese authorities, these policies risk compromising bilateral cooperation, but also exacerbating global economic tensions.

These international reactions shed more light on the crucial issues linked to Donald Trump's economic approach. While his protectionist proposals are officially aimed at protecting American jobs, they could cause significant disruptions in global supply chains, to the detriment of the United States' economic partners. At the same time, the results obtained under the Biden administration, notably the significant drop in inflation from 9.1% in November 2022 to 2.3% today, demonstrate an economic stabilization welcomed by many economists. This development highlights the importance of maintaining policies that promote both internal growth and international trade relations. Such developments pose a central question: what direction will the United States choose to preserve its economic competitiveness and minimize the impact on its global partners?

The economic duel between Joe Biden and Donald Trump goes far beyond the issues of a simple political opposition. It is part of a broader struggle to determine the future of the United States in the face of growing economic and geopolitical challenges. While Biden advocates policies that aim to stabilize the economy and strengthen international cooperation, Trump proposes sweeping reforms that trigger both support and concern. The choices ahead, both on the part of American voters and international partners, will have decisive repercussions on the place of the United States in the global economy and on strategic relations with its trading allies.