Can Democrats Win Back Voters From Trump on Trade Policy?

Published On Oct 30, 2024, 11:31 AM

The Biden administration has adopted a more protectionist trade policy in a bid to regain support from working-class voters, particularly in northern swing states suffering from manufacturing job losses. This shift includes maintaining tariffs imposed during Trump’s presidency and investing heavily in U.S. manufacturing, such as semiconductors and solar panels. With upcoming elections, Vice President Kamala Harris's strategies will soon be put to the test against Trump’s aggressive trade rhetoric and proposals.

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Stock Forecasts

SOXXView SOXX chart on TradingView

Positive

The focus on protectionism and domestic manufacturing may lead to increased market activity in sectors benefiting from tariffs and domestic production incentives. Companies involved in semiconductor and renewable energy manufacturing could see growth due to government support.

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Negative

However, the potential for rising inflation due to sustained tariffs could negatively impact broader market sentiment and stocks reliant on global supply chains may face headwinds under this administration's policies.

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