JOSEPH BIDEN’S NEW ECONOMIC POLICY: GLOBAL DIMENSION

Abstract

The Biden’s administration took office when the US’s facing the global challenge of pandemic and the recession. Changes in American policy, particularly as concerning international trade, immigration; climate policy initiatives, represent new effects and challenges. Rejoining the Paris climate agreement was one of the first decisions of the new administration. The climate agenda means keeping global warming under control; and trade policy may be part of this process. Making economic development more inclusive and decarbonized, introducing new fuel efficiency standards needs time; as CO2 emissions per capita in US and Canada now are much higher than in France, Great Britain, Germany. Although president Biden entered office having majority in both chambers of Congress, it may not be enough for passing legislation concerning some aspects of his policy agenda, including climate, budget, immigration. So the President started to realize his policy immediately after inauguration through executive orders. Addressing the trade issues, environment agenda, the new administration underlines that approach to international economic relations will be different (from Trump’s priorities), restoring American leadership abroad. Being at the pathway toward recovery at the beginning of the current year, the American economy still needs support and stimulus under struggling with pandemic consequences.