WASHINGTON (Sputnik) – US former President Donald Trump said on Monday that in his next term, he plans to revoke China’s most favored nation trade status and introduce a reciprocal trade act.
“My next term, I will revoke China’s most favorite nation trade status,” Trump said during a rally.
Trump added he would pass the Trump Reciprocal Trade Act, ensuring the US imposes equal tariffs on any country or group that levies taxes of 100% or 200% on American goods.
In recent years, the United States has been actively accusing China of misusing the “developing country” designation in relation to itself, as this allows the Asian country to gain certain advantages under global trade rules despite already being sufficiently advanced economically, as claimed by critics.
Beijing, for its part, rejects such accusations, claiming in a 2021 white paper that “China is the largest developing country in the world.”
Staying on topic, the former US president vowed that he would also takes measures to ensure that Japan is blocked from buying American steel.
Trump is presently facing off on the campaign trail against Vice President Kamala Harris, who became a notable runner in the 2024 election cycle after US President Joe Biden called it quits following an abysmal performance in his sole debate against his predecessor.
Weighing into the matter of the US national debt, the one-time commander-in-chief claimed he would seek to implement measures that would help pay off the more than $35 trillion owed by the state.
Trump added that he would use oil to reduce the deficit, pay off the record debt, and cut taxes.
According to data from the US Treasury Department, the US budget deficit during the Biden presidency hit an all-time high of $6.6 trillion.
The United States has been in a state of chronic excess of expenditures over income for almost a century; the last time there was a long period of surplus was from 1920 to 1930.
The only US leader after World War II with a budget surplus was Harry Truman (1946-1950), and the largest government spending surplus was under Ronald Reagan at $1.34 trillion. The US finances such a gigantic budget deficit from the national debt, which in July for the first time exceeded the $35 trillion mark, and just two weeks later grew by another $160 billion.
The US presidential election is scheduled to be held on November 5.
Reprinted from “Sputnik News”.
