President Trump railed against what he called other countries’ unfair trade practices during his address to the UN General Assembly on Tuesday — declaring that the US “will not be taken advantage of” on his watch.
“For decades, the United States opened its economy, the largest by far on Earth, with few conditions. We allowed foreign goods from all over the world to flow freely across our borders. Yet other countries did not grant us fair and reciprocal access to their markets in return,” Trump told delegates from around the globe.
“Even worse, some countries abused their openness to dump their products, subsidize their goods, target our industries, and manipulate their currencies to gain unfair advantage over our country.”
Those policies resulted in an $800 billion trade deficit, he continued, which he would seek to slash.
“We are systematically renegotiating broken and bad trade deals. Last month, we announced a groundbreaking US-Mexico trade agreement, and just yesterday, I stood with [South Korean] President Moon to announce the successful completion of the brand-new US-Korean trade deal,” Trump said.
Unfair trade practices, he continued, cost American manufacturing jobs, before singling out China.
“The United States lost over 3 million manufacturing jobs, nearly a quarter of all steel jobs, and 60,000 factories after China joined the World Trade Organization, and we have racked up $13 trillion in trade deficits over the last two decades. But those days are over. We will no longer tolerate such abuse,” he said.
He then touted his trade war with China, while praising Chinese President Xi Jinping, calling him “my friend.”
“The United States has just announced tariffs on another $200 billion in Chinese-made goods, for a total so far of $250 billion. I have great respect and affection for my friend, President Xi, but I have made clear our trade imbalance is just not acceptable,” he said.
“China’s market distortions and the way they deal cannot be tolerated. As my administration has demonstrated, America will always act in our national interests.”
The president concluded his remarks by stressing American sovereignty, while also asking other nations to work with the US to achieve worldwide peace and prosperity.
“So together, let us choose a future of patriotism, prosperity, and pride. And let us come here to this place to stand for our people and their nations, forever strong, forever sovereign, forever just, and forever thankful for the grace and the goodness and the glory of God. Thank you. God bless you, and God bless the nations of the world,” he said, mostly to polite applause.
