New York (AP) - US President Donald Trump has called for a reform of the international trading system and has accused China of unfair economics.
His government will push ahead with an "ambitious campaign" to reform world trade, Trump said on Tuesday at the United Nations General Assembly in New York. The World Trade Organization (WTO) needs "drastic change". It could not be the case, for example, that China, as the second largest economy in the world, could claim the benefits of a developing country in trade relations under WTO rules, Trump said.
China has systematically exploited the system since joining the WTO nearly 20 years ago, Trump complained. Instead of implementing promised reforms to open its economy, China has built an economic model based on "massive government subsidies, currency manipulation ... property rights violations, and theft of trade secrets on a large scale," Trump said. Therefore, with the help of the "massive punitive tariffs" imposed on Chinese imports, he is seeking a new trade agreement, Trump said.
Trump's trumped-up trade warfare of the two largest economies last escalated and weighs heavily on the global economy. The conflict can only be resolved with a comprehensive agreement, Trump said. "I will not accept a bad deal for the people of America," he said. The US sought under him "balanced trade, which is both fair and mutual," said Trump.
Trump had already called for reforms to the WTO at the G7 summit meeting in Biarritz, France, at the end of August. The trade war with Beijing, in turn, began originally because Trump disliked China exporting much more to the US than vice versa. Trump sees such trade deficits as a weakness, despite the disagreement of most economists.
The US government has now announced or imposed penalties on almost all imports from China - worth about $ 500 billion worth of goods. In doing so, Trump wants Beijing to make far-reaching concessions, including structural reforms. He also calls for a new monitoring mechanism to comply with the agreement. In October, there will again be negotiations in Washington on the trade agreement at ministerial level. Experts do not expect a quick agreement in view of Trump's extensive demands.
In his speech, Trump once again promised Britain the conclusion of a trade agreement in view of the imminent withdrawal from the European Union. The US stands ready to conclude a "wonderful" agreement. Trade with Britain could be quadrupled. Trump still wanted to meet British Prime Minister Boris Johnson on Tuesday.
Experts are skeptical of Trump's promise of a quick-to-reach trade agreement. Such agreements are typically only concluded after lengthy negotiations. Moreover, the US, as the largest economy in the world, would definitely have the upper hand in negotiations with Great Britain. For the Member States of the European Union, Brussels is responsible for the negotiation of trade agreements.