Trump saw China eating our lunch, but he focused on the trade deficit and current balance of payments as the problem, and missed the bigger strategic picture. His tariffs were intended to punish China for not being an equal trading partner, but what they did is reduce some of our exports to China and raise the price of Chinese goods here. And they didn't have any meaningful effect on the balance of payments.
The tariffs should have been targeted at preserving or helping build up strategically important industries where China was on a path to becoming the exclusive supplier. They should be a first step towards an economic divorce from China. We need to become independent from China for national security and long term economic stability reasons. That doesn't mean we can't trade with China, we just need to be independent. Our infrastructure and critical sectors of the economy need to keep going if trade with China is ever cut off due to geopolitical conflict.
The Biden administration continued the tariffs, including pointless ones that are only hurting us. But they show signs that they understand the long term strategic implications of our trade relationship, and are taking steps to develop (chip manufacturing) and preserve (US Steel) some critical industries. So I think they get it, but are cautious what they say publicly. Trump's across the board 25% is in keeping with paleo-conservatives views that are becoming common if not dominant on the right now. Like funding the government more on tariffs like we did before the 16th Amendment. And abolishing the Federal Reserve and adopting a form of fixed money supply used to be one of those Ron Paul ideas that Republicans would distance themselves from , but now it's got traction on the right. It seems the idea is to take away all the tools we've developed to mitigate the business cycle since the Second Industrial Revolution and bring back the Gilded Age.