Joe Biden is keen to maintain American leadership and steer away from Trump’s isolationist policies but this will be difficult in a time of global uncertainty. Even if the economic situation does change as a result of the new administration, things require time – the effects of Biden’s presidency will likely be felt long after his time in office.
Covid-19 will have the largest impact on the economy in 2021 and 2022. There is, however, little political maneuvers can do to prevent further damage by the virus. Biden will most likely push for more approvals and, unlike Trump, encourage the nation to practice CDC guidelines.
Biden’s foreign policy will be under scrutiny during the upcoming months as he hopes to reverse the effects of Trump’s presidency.
Trump has slighted his European allies in the past but Biden wants to restore these relationships. Biden wants to reduce trade tensions with Europe which would include talks on aircraft subsidies. He is also a strong supporter of the EU and the North Atlantic Treaty Organisation (NATO) which he hopes will counter Russian hostility. In addition, in order to extend the New Start nuclear arms reduction treaty before its expiration on 5th February, he will need to begin discussions soon.
Trump and Biden do share some similarities in their views. Both hoped to end America’s wars and Biden will Trump’s relocation of the US embassy from Tel Aviv to Jerusalem. However, to reverse Trump’s impact, Biden plans to rejoin the Iran nuclear deal and reconcile America’s relationship with Saudi Arabia.
A change in US presidencies will have far-reaching effects throughout the world, and many overseas businesses with ties to the US will have to think carefully about their future. Contact us here for expert guidance in a free online consultation.