For example, while President Trump viewed the World Trade Organization with suspicion and derision, there are hopes that Mr Biden will focus instead on encouraging reform and modernisation of the organisation, which policies global trade. 3: A reset of the EU trade relationship The spat between US aircraft maker Boeing and European rival Airbus over claims of unfair state help preceded President Trump. But it was he who decided to levy tariffs on $7.5bn (£5,7bn) worth of European luxuries in response. Five questions for Joe Biden on the economy‘Let’s work together!’ World reacts to Biden winFive reasons Biden won the electionWhy Donald Trump lost Chinese handbags, French wine and Scottish cashmere: all have been weaponised by President Donald Trump, the self-proclaimed tariff man. 2: Same dream, different means Ultimately, while there is potential for a change in trade stance from a new president, his bulging domestic in-tray may distract him for some time. That is likely to mean offering an olive branch to the EU, with an offer to pour (lower tariff) oil on troubled waters. Here’s five things to be aware of: Mr Biden prefers the idea of strength in numbers – a multilateral approach – by getting traditional allies onside. With US unemployment having more than doubled during the course of the pandemic, promises to bolster livelihoods on home soil have a potent appeal. Related Topics Mr Biden’s pledges include penalising US firms that move jobs abroad. And like Mr Trump, he harbours concerns over China’s ambitions and way of doing business. There is more to trade than shipping containers lining ports. That was after the UK’s proposed Internal Market Bill risked the imposition of a physical customs border between the Republic of Ireland and Northern Ireland.