U.S. President Joe Biden’s economic policies depart sharply from those of former President Donald Trump, but both share a commitment to limiting the risks of trade with China and an ambivalence toward market-driven globalization.

Notably, Biden has kept Trump’s tariffs on Chinese imports. Biden’s policies favor cooperative arrangements to harmonize labor, environmental and industry standards, empower women and minorities and combat climate change.

From the end of World II to 2009, trade’s share of global GDP rose from 20% to 61%, and has since fluctuated around 57%. U.S. trade and investment with China continue to increase, but at a slower pace.

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