China

Trump accused China of trade fraud

Summary

Trump accused China of trade fraud US President Donald Trump renewed his trade attack on China, calling the country’s leadership fraudulent, while blaming former American leaders for the current situation. «Since China’s accession to the WTO in 2001, no one […]

Trump accused China of trade fraud

US President Donald Trump renewed his trade attack on China, calling the country’s leadership fraudulent, while blaming former American leaders for the current situation.

«Since China’s accession to the WTO in 2001, no one has been better manipulated or cheated more than Beijing.».

These remarks violate the period of relative peace between the two parties, which seek to sign the first phase of the agreement.. Details of a potential deal are still under discussion, with the US pushing for more open market relations and ending intellectual property theft, while China wants Washington to cut tariffs totaling around $ 250 billion..

However, rather than pinning the blame on China, Trump said that previous leaders who negotiated trade deals allowed agreements to be manipulated, leaving American workers harmed, especially in manufacturing..

The President recalled his speech, during which he criticized the country for its economic practice.

But not only China suffered from Trump. The US President also criticized the European Union for unfair trade policy.

«Many countries charge us extremely high tariffs or create impossible trade barriers. And, I’ll be honest, with the EU, it’s very, very difficult. The barriers they set are terrible, in many ways even worse than in China».

Trump accused China of trade fraud

Trump says he will significantly increase tariffs on Chinese goods if Beijing does not strike a deal with the US. 

«The same will be true for other countries that mistreat us», – he added.

White House economic adviser Larry Kudlow later told CNBC that the first phase agreement could include some adjustments to existing tariffs, but neither side will agree to significant steps until the entire deal is finalized..