New York, Sep24: US President Donald Trump accused China of “gaming” the global trade system in a speech Tuesday at the United Nations as he defended tariffs and said patriots will decide the future and not the globalists.
Accusing Beijing of breaking promises to the international community to “adopt promised reforms,” Trump said,”Not only has China declined to adopt promised reforms, it has embraced an economic model, dependent on massive market barriers, heavy state subsidies, currency manipulation, product dumping, forced technology transfers and the theft of intellectual property and also trade secrets on a grand scale.”
Trump said, “2nd largest economy in world shouldn’t be allowed to declare itself a developing country in order to game the system at others’ expense.”
US lost 60,000 factories after China entered WTO. This is happening to other countries all over the globe. WTO needs drastic change.
“We want balanced trade this is both fair and reciprocal,” Trump said. He suggested the World Trade Organization was giving preferential treatment to China during an extended defense of his trade war with Beijing.
He also said that while he wants a trade deal with China, he would “not accept a bad deal for the American people.”
“In 2001 China was admitted to the World Trade Org. Our leaders then argued that this decision would compel China to liberalise its economy & strengthen protections to provide things that were unacceptable to us. And for private property for the rule of law,” he said.
On Iran, President Donald Trump said, ” As long as Iran’s menacing behavior continues sanctions will not be lifted, they will be tightened. For 40 years the world has listened to Iran’s rulers as they lashed out to everyone else for the problems they alone have created. “