First off, there is no correlation between the policies of the Biden and Trump Administrations that lead to the current balance of trade. Your current trade deficits were caused by two factors:
- Trump's terrible trade deals. Virtually every deal written by the Trump Administration ended up INCREASING your trade deficits with that country; and
- Your trading partners have been busily making deals among themselves ever since the first Trump Administration, out of fear he would return. This is HUGE.
Foreign investment dried up completely under Trump. Manufacturing continued to be off-shored because of Trump's trade wars. Business needs certainty and stability to expand, and Trump offered neither.
American companies did start expanding under Biden, but your failure to prosecute and jail Trump, immediately after January 6th, and the ongoing political instability in the USA, has discouraged foreign investment. Companies are now moving into Canada because of our lower costs for education, healthcare, lower crime rates, better infrastructure, and political stability.
Obama used directed tariffs on specific products, where unfair trade practices abound, and there was an American alternative available, not a blanket tariff on all imports from a trading partner. Items like clothing, toys, small appliances, cannot profitably be made in first world countries.
Trump's last round of tariffs cost you a net loss of 200,000 manufacturing jobs. You did get 40,000 new jobs in the steel industry. But the losses crushed the gains.
You also got 3 years of record farm bankruptcies - mostly on smaller, family owned farms. Many of them sold to foreign owned corporate interests with no connections to the land or good stewardship of the land.