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President Donald Trump emphasized the importance of “reciprocal” trade as he signed a presidential memorandum on Thursday to protect the United States from China’s economic aggression and theft of intellectual property.
“We’ve lost, over a fairly short period of time, 60,000 factories in our country. Closed, shuttered, gone,” said Trump. “Six million jobs at least, gone. And now they’re starting to come back. You see what’s happening with Chrysler, with FoxConn, with so many other companies wanting to come back in to the United States.”
President - Trade - Deficit - Friend - China
The President said however, that the $504 billion trade deficit with “friend” China, is a problem. He prefaced his comments with China’s help on the issue of North Korea. He acknowledged varying figures for the trade deficit, but added, “any way you look at it, it is the largest deficit of any country in the history of our world. It’s out of control.”
Trump then pointed to the “tremendous” problem of intellectual property theft, “hundreds of billions of dollars” annually. He said he’s spoken to President Xi Jinping and other representatives from China.
President - Countries - Trade - Negotiations - US
The President then spoke of countries entering into trade negotiations with the U.S. including NAFTA renegotiations and new negotiations with the European Union. He accused the EU of erecting harshly restrictive trade barriers against the U.S. including tariffs.
Trump said the new 301 action that “could be about 60 billion dollars,” but that that was merely a fraction of “what we’re talking about.” He has asked the highest Chinese representatives and President Xi to “reduce the trade deficit immediately by 100 billion dollars.”
Percent - Car - Percent - Car - United
“When they charge 25 percent for a car to go in and we charge two percent for their car to come in to the United States, that’s not good,” said Trump. “That’s how China rebuilt itself.”
Trump talked about the “tremendous money” that the U.S. has...
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