President Trump, “… the US will not be taken advantages of on trade.”
Friday, President Donald Trump warned that the US would no longer “turn a blind eye” to trade abuses.
“From this day forward we will compete on a fair and equal basis,” President Trump told a gathering of CEOs on the sidelines of the annual Asia-Pacific Economic Cooperation summit in Vietnam.
“We are not going to let the United States be taken advantage of anymore. I am always going to put America First.”
President Trump was blunt, telling executives gathered in Danang, China that he was happy to enter into bi-lateral trading agreements, but only if they are reciprocal and fair.
President Trump argued the US had adhered to World Trade Organization (WTO) principles, only to be taken advantage of by counties that had ignored the rules and engaged in harmful practices such as product dumping, currency manipulation and government subsidizing of goods.
“Such practices, along with our collective failure to respond to them, hurt many people in our country,” Trump said, describing “jobs, factories and industries” he said were “stripped out of the United States and out of many countries” as a result.
“We can no longer tolerate these chronic trade abuses and we will not tolerate them,” he said.
The cornerstones of President Trump’s approach to trade has been his opposition to multi-lateral trade agreements.
That includes the Pacific Rim trade pact known as the Trans-Pacific Partnership (TPP), which he pulled the US out of as one of his 1st acts as President. .
Leaders of the 11 remaining TPP members, representing roughly 13.5% of the global economy, leaders met on the sidelines of the APEC Summit seeking an agreement in principle that would not require US involvement, the did and they agreed.
Meanwhile, a 16-member region-wide pact called the Regional Comprehensive Economic Partnership is also under negotiation. It encompasses China and India but also does not include the US
President Trump also talked tough against NKorea and its development of nuclear and ballistic missiles weapons, as he has throughout the trip.
“The future of this region and its beautiful people must not be held hostage to a dictator’s twisted fantasies of violent conquest and nuclear blackmail,” he said.
President Trump referenced his address earlier this week in SKorea when he called on countries to unite against NKorea. He said “every single step the North Korea regime takes toward more weapons is a step it takes into greater and greater danger.”
APEC is the 1st of several summits Trump is scheduled to attend on his 1st official visit to Asia.
His schedule for Friday included an official welcome event for world lead leaders attending the Summit and their spouses, along with a gala dinner and cultural performance, before formal talks begin Saturday.
Have a terrific weekend.