Former President Donald Trump unveiled his trade agenda to end U.S. dependence on China as part of his 2024 presidential campaign.
Trump released a video on Truth Social touting “Pro-American Trade to End our Reliance on China!” In the video, Trump goes through his plan to create universal tariffs and American economic independence from China. (RELATED: Here’s The One Strategy That Guarantees Trump Is Going To Win In 2024)
➡️ Universal Tariffs
➡️ Total Independence From China
➡️ Patriotic Protectionism
➡️ Reviving Mercantilism for the 21st Century pic.twitter.com/nqgFnw1ToI
— Trump War Room (@TrumpWarRoom) February 27, 2023
“My agenda will tax China to build up America. The heart of my vision is a sweeping pro-America overhaul of our tax and trade policy to move from the Biden system that punishes domestic producers and rewards outsourcers, to a system that rewards domestic production and taxes foreign companies and those who export American jobs,” Trump said.
His agenda would include phasing in a universal tariff system on most foreign goods. The tariffs would increase for countries devaluing their currency, subsidizing their industry or abusing existing trade agreements. Trump pledged to pair the tariffs on foreign producers with tax cuts for domestic producers to potentially reduce the U.S. trade deficit and create new jobs.
The tax revenue from tariffs on foreign goods would be used to invest in American workers, families and communities, Trump said. He promised to eliminate U.S. dependence on China by revoking China’s most favored nation status with the World Trade Organization (WTO) and phasing out imports of essential goods from China.
Additionally, Trump suggested rules to stop U.S. companies from investing in China and preventing China from buying American land. He would eliminate federal contracts for companies outsourcing to China to incentive companies to follow his trade rules.
He did not offer specifics on how his plan would be enacted. He accused President Joe Biden of being “weak on China” because of his family’s links to Chinese business entities.
Biden passed bipartisan legislation subsidizing U.S. manufacturing of microchips and created new restrictions targeting China’s microchip industry in 2022. He has refused to repeal Trump’s steel and aluminum tariffs on Chinese goods despite industry pressure, Bloomberg reported.
Trump is running against a growing field of Republican candidates for the party’s 2024 presidential nomination. Businessman Vivek Ramaswamy and former Republican South Carolina Gov. Nikki Haley have begun campaigning against Trump to be the Republican nominee.