Analysis by JPMorgan Chase, the largest multinational bank in the U.S. with assets of more than $3.2 trillion,
notes that Biden’s “multilateral approach” to trade with China would be beneficial for Wall Street investors.
New York Times reports, Biden’s agenda would be best for financial investors who are interested in corporations that produce and manufacture in China:
To tease out the underlying views of investors, analysts at JPMorgan Chase & Company recently assembled baskets of shares in companies they see as potential winners or likely losers in the event of a Biden victory.
Stocks of companies in the “winners” basket included industries such as health care, renewable energy, infrastructure, and companies likely to benefit from better trade relations with China. Such companies could benefit from Mr. Biden’s support for the Affordable Care Act, which has funneled significant amounts of federal dollars into the health care industry. Infrastructure, engineering and renewable energy companies could also benefit from a major stimulus push, aimed in part at countering climate change.
previously indicated that he would end President Trump’s tariffs on billions of dollars worth of China-made products, statements his campaign quickly walked back.
Multinational corporations that offshore their manufacturing to China, such as Nike, Apple, Microsoft, IBM, and Google,
have lobbied hard against Trump’s tariffs on China. The corporate pressure has not shaken Trump’s agenda.
Wall Street investors and the nation’s
biggest banks are rallying behind Biden and his running mate, Sen. Kamala Harris (D-CA), against Trump’s economic nationalist “America First” agenda, which they see as cutting into their profits.
At the recent vice presidential debate,
Harris touted Wall Street’s support for Biden. Their campaign against Trump has raked in hundreds of thousands of dollars from Goldman Sachs, JPMorgan Chase, Citigroup, and Morgan Stanley.
Though Biden has sought to rebrand himself for the 2020 presidential election as a defender of American manufacturing against Chinese imports, his record supporting free trade with Mexico, Canada, China, Malaysia, South Korea, and Vietnam dates back to the mid-1990s.
In 1994, Biden supported the North American Free Trade Agreement (NAFTA), and in the early 2000s he supported normalizing U.S. trade relations with China, as well as China’s entering the World Trade Organization (WTO). At least
five million American manufacturing jobs and 55,000 American manufacturing plants were eliminated from the U.S. economy because of NAFTA and China’s entering the WTO.
Biden later supported KORUS, the U.S.-South Korean free trade deal, which
eliminated 60,000 American jobs from the U.S. economy. Then, as vice president, Biden lobbied for passage of the Trans-Pacific Partnership (TPP) free trade agreement that would have forced American workers to compete for jobs against workers in Vietnam and Malaysia, where slave wages are often paid.
John Binder is a reporter for Breitbart News. Follow him on Twitter at . @JxhnBinder