US President Donald Trump has said that his administration has taken the “toughest-ever action” to crack down on China’s unfair trade practices. Trump has been steadily hiking tariffs on Chinese exports to the US since June, asking Beijing to bring down the billions of dollars of trade deficit. He has taken an unprecedented tough measure against the alleged unfair trade practices of China. The US has a nearly USD 500 billion trade deficit with China per annum, which Trump says is unsustainable for the US.
“We have taken the toughest-ever action to crack down on China’s unfair trade actions and trade abuses,” Trump told his cheering supporters at an election rally in Ohio on Friday. Among the steps being taken by the US include imposing additional 25 per cent tariff on import of Chinese products worth USD 250 billion, announcing new curbs of nuclear technology trade with China and taking steps to stop China from allegedly stealing intellectual property from the US.
Trump patted on his back with regard to his China policy as he listed out the achievements of his administration and the steps that has strengthened the American economy and creating jobs. “Thanks to our tariff and especially on steel that’s been dumped all over this country, the Ohio steel industry and the US steel industry is roaring back to life and soon will be hitting its most successful years ever,” he said.
Last week, he announced the replacement of North America Free Trade Agreement (NAFTA) “with the incredible, brand-new” US-Mexico-Canada trade agreement, the USMCA, Trump said. “It’s opening up Canada, opening up Mexico for our farmers, everybody,” he said.
Trump said that at his direction, the Pentagon is now working to create the sixth branch of the American armed forces called the Space Force. “That’s very important. Hate to say it, but very soon, that’s where it’s going to be at. It’s going to be space, everything, defence, offense, everything,” he said.
Referring to his withdrawal from the Iranian nuclear deal, Trump said that this was one-sided. “I withdrew the United States from the horrible one-sided Iran nuclear deal and look what happened to Iran,” he said.
“When I took office, Iran was all over the place. They were taking over Syria. They were taking over Yemen. They were taking over everything. I actually said, this is going to be a problem and we’ve got to do something. “And about four months ago, we withdrew from that horrible, ridiculous deal. And you take a look what’s happening to Iran. There’s riots all over the streets, all over the cities. It’s a whole different ballgame. It’s a whole different country. And it’s looking real good,” Trump said.
Source: Financial Express