Sullivan defends Biden’s industrial policy

• Sullivan’s remarks come just two weeks from the upcoming presidential election, with Vice-President Kamala Harris expected to follow Biden’s industrial policies.
• Former U.S. President Donald Trump has expressed a reliance on import tariffs as a principal economic policy tool.
• The Biden administration’s’small yard, high fence’ approach to safeguarding U.S. industrial and technological interests was laid out at the Brookings Institution.
• Sullivan emphasized the mutual benefits of international trade and investment, protected against harmful non-market practices, labor and environment abuses, and economic coercion.
• He criticized China for over-producing and dumping goods on the world market, citing higher tariffs on some green technology, medical equipment, and steel from China.
• He urged partners to invest in their own industries, citing India’s Production Linked Incentive scheme and Japan’s green transformation policy.