Trump rolls out 2024 trade policy that would 'tax China to build up America,' reward US producers

FIRST ON FOX: Former President Trump and his 2024 statesmanlike run connected Monday rolled retired his "America First" waste and acquisition argumentation that would "tax China to build up America" and attraction connected rewarding home accumulation while imposing tariffs connected imported goods.

The erstwhile president’s waste and acquisition argumentation would "completely eliminate" nan United States’ dependence connected China by eliminating China’s astir favored federation waste and acquisition status, adopt a four-year scheme to shape retired each Chinese imports of basal goods, and prohibition national contracts for immoderate institution that outsources to China.

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"Joe Biden claims to support American manufacturing, but successful reality, he is pushing nan aforesaid pro-China globalist schedule that ripped nan business bosom retired of our country," Trump said successful a argumentation video, titled "Pro-American Trade to End our Reliance connected China."

"Very simply, nan Biden schedule taxes America to build up China," Trump said. "My schedule will taxation China to build up America."

Former President Trump (Getty Images)

Trump said if re-elected, he will move nan state to a caller strategy that "rewards home accumulation and taxes overseas companies and those who export American jobs."

Trump said to execute his goal, he would shape successful a strategy of universal, baseline tariffs connected astir overseas products. Trump said higher tariffs will "increase incrementally depending connected really overmuch individual overseas countries devalue their currency."

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Trump besides said countries devalue their rate and "subsidize their industries, aliases different prosecute successful waste and acquisition cheating and abuse, and they do it now for illustration ne'er before."

"We had mostly stopped and it was going to beryllium stopped wholly wrong little than a year," Trump said, reflecting connected his administration.

"As tariffs connected overseas producers spell up, taxes connected American producers will spell down, and spell down very substantially, that intends a batch of jobs coming in," Trump said.

Then-President Trump hands retired pens aft signing a caller North American waste and acquisition statement pinch Canada and Mexico, Wednesday, Jan. 29, 2020, successful Washington. (AP Photo/ Evan Vucci)

The erstwhile president said that his projected strategy would "end our gaping waste and acquisition deficits" and bring backmost "millions" of American jobs. He said it would besides bring "trillions and trillions of dollars" to nan U.S. Treasury Department from overseas countries, which could past beryllium invested successful "American workers, American families and American communities."

"This scheme will beryllium nan linchpin of a caller Strategic National Manufacturing Initiative, that builds connected my historical occurrence successful ending NAFTA," Trump said, calling nan ending of nan North American Free Trade Agreement a "tremendous achievement."

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Trump replaced NAFTA pinch nan United States-Mexico-Canada Agreement (USMCA), which covered much than $1.3 trillion of commerce. The USMCA requires 75% of automobile components beryllium manufactured successful nan United States, Canada aliases Mexico successful bid to debar tariffs. The woody required that by 2023, immoderate 40 to 45% of automobile parts must beryllium made by workers who gain astatine slightest $16 an hour.

The statement was expected to create 80,000 caller jobs tied to nan car manufacture and bring successful up to $30 cardinal of caller finance successful nan sector. The pact will besides unfastened caller markets for American wheat, poultry and eggs, among different things.

Then-President Trump pumps his fist aft signing a caller North American waste and acquisition statement pinch Canada and Mexico. Wednesday, Jan. 29, 2020, successful Washington.

Trump besides withdrew nan United States from nan arguable Trans-Pacific Partnership waste and acquisition deal, which was advocated by nan Obama management and aimed to deepen economical ties betwixt nan U.S. and 11 different Pacific Rim nations.

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"We're besides going to extremity different unfair waste and acquisition deals, and we'll extremity them quickly," Trump said.

In 2017, then-President Trump signed an executive bid to retreat nan U.S. from nan 12-nation Trans-Pacific Partnership waste and acquisition pact. (AP Photo/Evan Vucci, File)

Trump said that arsenic a matter of "both economical and nationalist security," his scheme would besides "implement a bold bid of reforms to wholly destruct dependence connected China successful each captious areas."

He said his scheme to shape retired each imports of basal equipment from China complete 4 years would screen a scope of equipment and mechanisms to enforce nan reliable caller rules.

"Everything from electronics to alloy to pharmaceuticals," Trump said. "This will see beardown protections to guarantee China cannot circumvent restrictions by passing equipment done conduit countries – countries that don't make a product, but each of a abrupt they're trading a batch of product. It comes correct done China, correct retired of China, and correct into our country."

Then-President Trump signs a waste and acquisition statement pinch Chinese Vice Premier Liu He, successful nan East Room of nan White House, Wednesday, Jan. 15, 2020, successful Washington. (AP Photo/Evan Vucci)

"We will besides adopt caller rules to extremity U.S. companies from pouring finance into China, and to extremity China from buying up America, allowing each of those investments that intelligibly service American interests," Trump said, adding that he would besides "eliminate national contracts for immoderate institution that outsources to China."

In January 2020, Trump signed a landmark waste and acquisition woody pinch China, easing tensions betwixt nan world’s 2 largest economics aft accusations that China had for decades been manipulating its rate and stealing U.S. waste and acquisition secrets.

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The statement included commitments from Beijing to halt intelligence spot theft, refrain from rate manipulation, cooperate successful financial services and acquisition an further $200 cardinal of U.S. products from nan clip of its signing and 2 pursuing years. In return, nan U.S. would trim tariffs connected immoderate products made successful China.

When Trump near office, nan Biden management said China had not been complying pinch nan statement — specifically its promise to acquisition an further $200 cardinal successful U.S. goods.

Chinese President Xi Jinping, right, and then-President Trump connected a machine screen, Aug. 26, 2019, amid U.S.-China waste and acquisition warfare uncertainties. (AP Photo/Ahn Young-joon)

In October 2021, nan Biden management announced changes aimed astatine forcing nan state to travel done connected its commitments outlined successful Trump’s "Phase One" agreement. This year, President Biden announced he would time off successful spot Trump-imposed tariffs connected $350 cardinal of Chinese goods.

The Biden management has focused connected engaging successful "competition" pinch Beijing, and Biden has maintained that nan United States will "compete vigorously" while looking to debar conflict.

"I’m looking to negociate this title responsibly," Biden said past twelvemonth aft gathering pinch Chinese President Xi Jinping.

U.S. intelligence officials person warned that China poses nan top threat to U.S. nationalist security, and Trump says Biden is not up nan challenge.

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"Biden will ne'er get nan occupation done," Trump said. "He is anemic connected China because nan corrupt Biden family has received millions and millions of dollars from entities tied to nan Chinese Communist Party."

President Joe Biden and his son, Hunter Biden, measurement disconnected Air Force One. (AP Photo/Patrick Semansky)

"Everybody knows that, they effort and hide it and nan clone news doesn't want to talk astir it," Trump said.

Trump was referring to nan Biden family's Chinese business ventures, specifically President Biden's son, Hunter Biden's.

Hunter Biden has been nether federal investigation since 2018 for his taxation affairs – an investigation that was predicated, successful part, by suspicious activity reports regarding immoderate overseas transactions, involving costs from "China and different overseas nations," sources told Fox News Digital.

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Trump said that Biden’s "pro-China economical programme puts America last, and it is sidesplitting our country."

"My cutting-edge waste and acquisition schedule will revitalize our system by erstwhile again putting America first," Trump said. "And by nan way, we'll get on very good pinch China again, and you cognize what nan logic is? They'll respect america again, for illustration they did conscionable 2 years ago."

"We will quickly go a manufacturing powerhouse for illustration nan world has ne'er seen before," Trump said.