The White House has introduced two controversial policies in an attempt to attract voters during an election year. President Joe Biden is taking bold steps to secure support from key Democratic Party supporters. One such move includes imposing a 25% tariff on specific Chinese steel and aluminum products, significantly increasing import taxes. Additionally, Biden plans to investigate Chinese shipbuilding subsidies and collaborate with Mexico to prevent Chinese tariff evasion.
In a separate initiative, the Department of Education has proposed a regulation to forgive unpaid interest for Americans with student loans exceeding their initial borrowing amount. This proposal could benefit around 25 million voters, including 2 million borrowers with loans for over 20 years and another 2 million eligible for existing assistance programs but have not enrolled. Those who attended programs or institutions with low financial value may also receive relief.
These strategic moves by the White House aim to appeal to voters and strengthen the Democratic Party’s position. Stay updated with the latest developments on this story at www.economist.com