President Donald J. Trump released a new video today detailing the importance of protecting American industries by slashing trade deficits created by Joe Biden’s nation-wrecking policies. Biden’s devastating, job-killing trade deficits have enriched China with hundreds of billions of dollars, which they are using to take over American real estate, factories, and wealth-creating industries.
While in office, President Trump successfully cut trade deficits, which created millions of jobs, achieved rapid wage growth, and led to over 17,000 new factories on American soil.
Yesterday, President Trump released his new America First trade platform that replaces the disastrous Biden system of punishing domestic producers and rewarding outsourcers with a new pro-America system of universal baseline tariffs on most foreign products that rewards domestic production while taxing foreign companies.
BIDEN’S NATION-WRECKING TRADE DEFICITS HAVE AMERICA ON PATH TO RUIN
“Joe Biden has America on a path to subservience and economic ruin and everybody knows it, and other countries are laughing at us. Under my leadership, we will end his gigantic job-killing trade deficits, reclaim our independence, and launch a great economic boom.”
– President Donald J. Trump
February 28, 2023
SOARING TRADE DEFICITS: Under Biden, our trade deficits have risen to the highest levels in our country’s history, devastating American workers and businesses.
Biden has stood by and watched as America’s trade deficits have soared.
Under the Biden administration, this nation’s trade deficits have risen to record high levels, killing jobs, killing factories, and killing America’s economic future.
Last year, America’s trade deficit rose to the highest level on record, at nearly $1 trillion. The deficit with China rose to $383 billion.
The agriculture trade deficit rose to $2 billion last calendar year, and USDA recently projected that in fiscal year 2023 the agriculture trade deficit will rise to a record $14.5 billion.
A NATION IN DECLINE: Trade deficits are destroying American jobs and communities and threaten our national security.
Trade deficits have led to massive job losses in America’s manufacturing sector. Increased imports decrease demand for domestic production, leading to a loss of manufacturing jobs.
The growing trade deficit with China between 2001 and 2015 alone led to an estimated loss of 3.4 million jobs.
After the twin disasters of NAFTA and China’s entry into the World Trade Organization, the U.S. lost 60,000 factories.
The current trade deficit is bolstering China, which uses the money it bilks from America to buy up American real estate and wealth-creating industries.
China owns over 194,000 acres of U.S. farmland, and at least 2,400 U.S. companies are majority-owned by Chinese investors and firms.
China is also using the money it is siphoning off from America to rapidly build up their military, putting U.S. national security at risk.
China has developed hypersonic missiles, and their military has more naval ships and serving military members than the U.S. China also dominates the global market for the mining and processing of components critical for missiles, firearms, and radars.
RETURNING TO AN AMERICA FIRST TRADE POLICY: President Trump’s America-First Trade Platform will bolster American manufacturing and help American jobs and businesses come roaring back to life, just like they did during his administration.
During the Trump administration before the pandemic, America’s overall trade deficit decreased.
America’s trade deficit with China also decreased by $73 billion in 2019.
President Trump followed through on his promise to bring back American manufacturing, with more than 500,000 new manufacturing jobs created before the pandemic.
Manufacturing job growth soared to a more than two decade high in 2018.
In 2019, wages grew at the fastest rate in a decade, and 17,000 new factories opened up for business in the U.S.
President Trump’s new Strategic National Manufacturing Initiative will once again cut the trade deficit and bring millions of jobs back to America.
President Trump will impose universal baseline tariffs on most foreign products and raise them if a foreign country engages in unfair trade practices.
President Trump will eliminate unfair trade deals and negotiate better deals for American workers.
President Trump also will implement a bold series of reforms to completely eliminate dependence on China in all critical areas, including by prohibiting federal contracts to any American company that outsources to China.
TRANSCRIPT
Under Joe Biden’s nation-wrecking policies, our trade deficits are exploding like never before, killing jobs, killing factories, and killing America’s economic future. As President, I began to successfully slash our trade deficits before the pandemic.
Now, the Biden administration has us bleeding wealth on a historic scale like never seen before. These gigantic trade deficits are also known as losses. Last year, we lost $383 billion to China, and nearly $1 trillion all over the world. The largest trade deficit in the history of our country, by far.
Through these unsustainable losses, we are handing China more and more of our jobs, more and more victories, and long-term prosperity in exchange for cheap, disposable consumer goods. We foolishly send China hundreds of billions of dollars and China uses those dollars to buy up our real estate, our factories, and our wealth-creating industries.
And they also use all that money to build up their military and they’re doing it rapidly. In short, Joe Biden has America on a path to subservience and economic ruin and everybody knows it and other countries are laughing at us. Under my leadership, we will end his gigantic job-killing trade deficits, reclaim our independence, and launch a great economic boom.
When I was President, the so-called experts hysterically predicted that my tariffs on China, Mexico, and other countries would crash the economy. Instead, the opposite happened. Exactly the opposite.
Under my policies, we had virtually no inflation. We had tremendous job creation. We had rapid wage growth for the first time in many, many years. And we had more than 17,000 new factories open up for business right here in the USA. Through my Strategic National Manufacturing Initiative, we will do it again. We’ll be bigger and better and stronger than we’ve ever been. And we did a great job two years ago. We’ll do even better this time.
Thank you very much.
