President Donald J. Trump announced his America First trade plan to replace 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 pro-China economic program puts America last and it’s killing our country,” President Trump said. “My cutting-edge trade agenda will revitalize our economy by once again putting America first. We will quickly become a manufacturing powerhouse like the world has never seen before.”
PRESIDENT TRUMP’S AMERICA FIRST TRADE POLICY
“The Biden agenda taxes America to build up China. My agenda will tax China to build up America.” – President Donald J. Trump
February 27, 2023
UNIVERSAL BASELINE TARIFFS: President Trump has announced a plan to replace the Biden system of punishing domestic producers and rewarding outsourcers with a new system that rewards domestic production while taxing foreign companies.
Rather than raising taxes on American producers, President Trump will impose tariffs on FOREIGN producers through a system of universal baseline tariffs on most imported goods.
Higher tariffs will increase incrementally if other countries manipulate their currency or otherwise engage in unfair trading practices.
As tariffs on foreign countries go up, taxes on American workers, families, and businesses can come down.
The Biden administration has proposed nearly $2 trillion in tax increases on American citizens and levied draconian tax hikes on Americans’ household energy, 401ks, and pension plans.
The Biden administration’s globalist policies sell out American citizens and result in a windfall for foreign countries.
In 2022, the United States trade deficit reached $948.1 billion, the largest on record, and the agricultural trade deficit exceeded $2 billion.
President Trump’s trade policy is firmly rooted in American history. America used to impose tariffs on over 95% of all imports, and for decades the federal government took in over 80% of its revenue by taxing foreign producers through tariffs—not by taxing American workers and businesses.
ENDING RELIANCE ON CHINA: President Trump’s America First trade policy will completely eliminate U.S. dependence on China–the primary beneficiary of Democrats’ globalist agenda.
In addition to universal baseline tariffs on most foreign goods, President Trump’s plan will reclaim our economic independence from China. President Trump will revoke China’s Most Favored Nation trade status and adopt a 4-year plan to phase out all Chinese imports of essential goods—everything from electronics to steel to pharmaceuticals. This will include strong protections to ensure China cannot circumvent restrictions by passing goods through conduit countries.
President Trump will establish new rules to stop U.S. companies from investing in China and stop China from buying up America, allowing only those investments that serve American interests.
President Trump will ban federal contracts for any company that outsources to China.
Under Biden and the Democrats, American wealth and jobs are being exported to China.
The U.S. trade deficit with China has risen almost 10% under Biden to $382.9 billion last year alone.
A BETTER DEAL FOR AMERICAN WORKERS, FAMILIES, AND COMMUNITIES: President Trump’s plans will bring back millions of American jobs and generate trillions of dollars of new wealth to strengthen American society.
President Trump’s tariff plans will be the linchpin of a new Strategic National Manufacturing Initiative that will rebalance the global trading system and dramatically strengthen America.
Raising tariffs on foreign producers while lowering taxes for domestic producers will help keep jobs and wealth in the United States.
Higher tariffs create millions of new jobs, increase real household income, boost GDP, increase domestic manufacturing output, and generate hundreds of billions of dollars in new government revenue.
President Trump’s universal baseline tariffs will restore a level playing field for American businesses worldwide.
U.S. exports have historically faced higher tariffs from foreign countries than nearly all of America’s trade competitors.
President Trump will build on his historic success in abolishing NAFTA, which Joe Biden voted for, after which 60,000 factories closed and 4.5 million manufacturing jobs were lost. President Trump replaced NAFTA with the USMCA, a historic breakthrough in leveling the playing field for American workers, famers, and manufacturers.
TRANSCRIPT
Joe Biden claims to support American manufacturing—but in reality, he is pushing the same pro-China globalist agenda that ripped the industrial heart out of our country. It ripped us apart. Biden and the globalists support RAISING taxes on American production. They support MORE crippling regulations killing American jobs. They support skyrocketing domestic energy costs. And they support massive anti-American multinational agreements that send our wealth and factories overseas.
Very simply, the Biden agenda taxes AMERICA to build up CHINA.
China is the big beneficiary. We cannot let that happen. And just a couple of years ago, it wasn’t happening. China paid to the United States hundreds of billions of dollars and no other president got ten cents. Legitimately, ten cents from China.
My agenda will tax CHINA to build up AMERICA.
The heart of my vision is a sweeping pro-American overhaul of our tax and trade policy to move from the Biden system that punishes domestic producers and rewards outsourcers, to a system that REWARDS domestic production and taxes FOREIGN companies and those who export American Jobs. They will be rewarded and rewarded greatly. And our country will benefit.
To achieve this goal, we will phase in a system of universal, baseline tariffs on most foreign products. On top of this, higher tariffs will increase incrementally depending on how much individual foreign countries devalue their currency. They devalue their currency to take advantage of the United States, and they subsidize their industries, or otherwise engage in trade cheating and abuse. And they do it now like never before, and we had it largely stopped and it was going to be stopped completely within less than a year.
As tariffs on foreign producers go up, taxes on American producers will go down and go down very substantially. And that means a lot of jobs coming in.
Not only will this system end our gaping trade deficits—and they are massive right now—and bring back millions of American jobs—it will also bring trillions and trillions of dollars pouring into the U.S. Treasury from foreign countries and allow us to invest that money in American workers, American families, and American communities.
This plan will be the linchpin of a new Strategic National Manufacturing Initiative, that builds on my historic success in ending NAFTA, which was a tremendous thing, a tremendous achievement, nobody thought it could be done, and we did USMCA—US-Mexico-Canada, and it was an incredible thing. But we’re also going to end other unfair trade deals, and we’ll end them quickly.
In addition, as a matter of both economic and national security, I will implement a bold series of reforms to completely eliminate dependence on China in all critical areas.
We will revoke China’s Most Favored Nation trade status, and adopt a 4-year plan to phase out all Chinese imports of essential goods—everything from electronics to steel to pharmaceuticals. This will include strong protections to ensure China cannot circumvent restrictions by passing goods through conduit countries—countries that don’t make a product, but all of a sudden they’re making a lot of the product, it comes right through China, right out of China, and right into our country.
We will also adopt new rules to stop U.S. companies from pouring investments into China, and to stop China from buying up America, allowing all of those investments that clearly serve American interests. We’re not going to allow bad things to happen to our country anymore. And we will eliminate federal contracts for any company that outsources to China.
Biden will never get the job done. He is weak on China because the corrupt Biden family has received millions and millions of dollars from entities tied to the Chinese Communist Party. Everybody knows that. They try and hide it, and the Fake News doesn’t want to talk about it.
Biden’s pro-China economic program puts America LAST, and it’s killing our country—my cutting-edge trade agenda will revitalize our economy by once again putting America FIRST.
And by the way, we’ll get along very well with China. And you know what the reason is? They’ll respect us again, like they did just two years ago.
We will quickly become a manufacturing powerhouse like the world has never seen before.
Thank you very much.
