Trump-calls-on-nations-to-reject-globalism-embrace-nationalism-daily-timesUS President Donald Trump delivered a stinging rebuke to China’s trade practices on Tuesday at the United Nations General Assembly, saying he would not accept a “bad deal” in US-China trade negotiations.
Four days after deputy US and Chinese negotiators held inconclusive talks in Washington, Trump’s remarks were anything but conciliatory and emphasized the need to correct structural economic abuses at the heart of the countries’ nearly 15-month trade war.
He said Beijing had failed to keep promises it made when China joined the World Trade Organization in 2001 and was engaging in predatory practices that had cost millions of jobs in the United States and other countries.
“Not only has China declined to adopt promised reforms, it has embraced an economic model dependent on massive market barriers, heavy state subsidies, currency manipulation, product dumping, forced technology transfers and the theft of intellectual property and also trade secrets on a grand scale,” Trump said.
“As far as America is concerned, those days are over.”
Although Trump held out hope that the United States and China could still reach a trade deal, he made clear he wanted a deal that would rebalance the relationship between the two economic superpowers.
“The American people are absolutely committed to restoring balance in our relationship with China. Hopefully, we can reach an agreement that will be beneficial for both countries,” Trump said. “As I have made very clear, I will not accept a bad deal.”
Trump also recently said he was not interested in a “partial deal” to ease tensions with China, saying that he would hold out for a “complete deal.”
Harsh rhetoric, stock fall
US stocks gave up modest gains and fell into negative territory after Trump’s UN address, which some investors said marked a reversal of the more constructive tone that had surrounded the negotiations last week.
“Trump’s comments to the UN were very antagonistic toward China. In the last couple of weeks there’s been optimism trade would go in a positive direction,” said Chris Zaccarelli, chief investment officer at Independent Adviser Alliance, an investment advisory group based in Charlotte, North Carolina.
