On September 24, 2019, President Trump addressed the United Nations General Assembly, emphasizing that nations should focus on furthering their best interests in the trade arena. In the speech, President Trump stated that the “future does not belong to globalists. The future belongs to patriots. The future belongs to sovereign and independent nations who protect their citizens, respect their neighbors and honor the differences that make each country special and unique.”
In the speech, President Trump claimed that his administration has “embarked on an exciting program of national renewal” which is centered on “an ambitious campaign to reform international trade.” The President highlighted several of his policies and actions in the trade area, including his re-negotiation of the North American Free Trade Agreement, his announcement of a possible trade deal with Japan, and his hope of entering into a new trade deal with the United Kingdom after the U.K.’s expected exit from the European Union.
President Trump added that “the most important difference in America’s new approach on trade” is its relationship with China, noting that, despite the expectations of many, China’s accession to the World Trade Organization (“WTO”) had not resulted in significant changes to China’s economy. According to the President, China has embraced a number of economic tools that conflict with its WTO obligations, including the use of “massive market barriers, heavy state subsidies, currency manipulation, product dumping, forced technology transfers, and the theft of intellectual property.”
In the speech, President Trump touted the actions he has taken against China, including his imposition of tariffs “on more than $500 billion worth of Chinese-made goods.” Although these decisions have increased tensions with China, the President stated that “supply chains are relocating back to America.” While many feel that these policies underscore the need for a new trade deal with China, President Trump asserted that he “will not accept a bad deal for the American people.”
China responded to the President’s speech by stating that “tariffs and provocation of trade disputes . . . may plunge the world into recession.” Adding that the “lessons of the Great Depression should not be forgotten,” China announced that it was committed to resolving the current trade conflict with the United States in a “calm, rational, and cooperative manner.” Currently, a new round of trade talks between the two countries is scheduled for October 10, 2019.
