Published 22:50 IST, September 24th 2019
Donald Trump accuses China over unfair trade practices at UNGA
The United States President Donald Trump criticised China in his address at 74th session of UNGA, on Tuesday, for its trade practices which he deemed unfair
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US President Donald Trump criticised China in his address at the United Nations General Assembly (UNGA), on Tuesday, September 24, for its trade practices which he deemed unfair. Trump derided that the theory behind the admission of China in the World Trade Organisation (WTO) has been proven completely wrong. Reportedly, China was admitted to the WTO in 2001, when US leaders argued that it would implore China to liberalise their economy and strengthen trade regulations between the two States, Trump explained. He went on to add that two decades later, their theory has been tested and proven completely wrong.
Trump accuses China of intellectual property theft
Trump also blamed China for theft of intellectual property and trade secrets on a "grand scale".
“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 the intellectual property and also trades secrets on a grand scale,” he said at the UNGA. "As far as America is concerned, those days are over," he added.
Loss of jobs and trade deficit
Talking about the international trading system, Trump said that it has been easily exploited by nations acting in 'very bad faith’. He said the ‘exploitation’ resulted in the loss of 4.2 million jobs and $15 trillion in the trade deficit over the last quarter-century. According to Trump, a small handful grew wealthy at the expense of the middle class as their jobs were outsourced. “The United Nations is now taking that decisive action to end this grave economic injustice,” he said.
The 'national renewal' program
Trump spoke about his vision for a 'national renewal' program - an "ambitious" campaign to reform international trade. He said the US wants a balanced trade that is both fair and reciprocal. “We have worked closely with our partners in Mexico and Canada to replace NAFTA with the brand new and hopefully bipartisan US-Mexico-Canada agreement,” said Trump. President Trump confirmed that his administration is working closely with British Prime Minister Boris Johnson on a ‘magnificent new trade deal’.
21:50 IST, September 24th 2019