https://www.donaldjtrump.com/positio...a-trade-reform
On day one of the Trump administration the U.S. Treasury Department will designate China as a currency manipulator. This will begin a process that imposes appropriate countervailing duties on artificially cheap Chinese products, defends U.S. manufacturers and workers, and revitalizes job growth in America. We must stand up to China?s blackmail and reject corporate America?s manipulation of our politicians. The U.S. Treasury?s designation of China as a currency manipulator will force China to the negotiating table and open the door to a fair ? and far better ? trading relationship.
End China?s Intellectual Property Violations
China?s ongoing theft of intellectual property may be the greatest transfer of wealth in history. This theft costs the U.S. over $300 billion and millions of jobs each year. China?s government ignores this rampant cybercrime and, in other cases, actively encourages or even sponsors it ?without any real consequences. China?s cyber lawlessness threatens our prosperity, privacy and national security. We will enforce stronger protections against Chinese hackers and counterfeit goods and our responses to Chinese theft will be swift, robust, and unequivocal.
The Chinese government also forces American companies like Boeing, GE, and Intel to transfer proprietary technologies to Chinese competitors as a condition of entry into the Chinese market. Such de facto intellectual property theft represents a brazen violation of WTO and international rules. China?s forced technology transfer policy is absolutely ridiculous. Going forward, we will adopt a zero tolerance policy on intellectual property theft and forced technology transfer. If China wants to trade with America, they must agree to stop stealing and to play by the rules.
Eliminate China?s Illegal Export Subsidies And Other Unfair Advantages
Chinese manufacturers and other exporters receive numerous illegal export subsidies from the Chinese government. These include - in direct contradiction to WTO rules - free or nearly free rent, utilities, raw materials, and many other services. China?s state-run banks routinely extend loans these enterprises at below market rates or without the expectation they will be repaid. China even offers them illegal tax breaks or rebates as well as cash bonuses to stimulate exports.
China?s illegal export subsidies intentionally distorts international trade and damages other countries? exports by giving Chinese companies an unfair advantage. From textile and steel mills in the Carolinas to the Gulf Coast?s shrimp and fish industries to the Midwest manufacturing belt and California?s agribusiness, China?s disregard for WTO rules hurt every corner of America.
The U.S. Trade Representative recently filed yet another complaint with the WTO accusing China of cheating on our trade agreements by subsidizing its exports. The Trump administration will not wait for an international body to tell us what we already know. To gain negotiating leverage, we will pursue the WTO case and aggressively highlight and expose these subsidies.
China?s woeful lack of reasonable environmental and labor standards represent yet another form of unacceptable export subsidy. How can American manufacturers, who must meet very high standards, possibly compete with Chinese companies that care nothing about their workers or the environment? We will challenge China to join the 21 st Century when it comes to such standards.
The Trump Plan Will Strengthen Our Negotiating Position
As the world?s most important economy and consumer of goods, America must always negotiate trade agreements from strength. Branding China as a currency manipulator and exposing their unfair trade practices is not enough. In order to further strengthen our negotiating leverage, the Trump plan will:
Lower the corporate tax rate to 15% to unleash American ingenuity here at home and make us more globally competitive. This tax cut puts our rate 10 percentage points below China and 20 points below our current burdensome rate that pushes companies and jobs offshore.
Attack our debt and deficit by vigorously eliminating waste, fraud and abuse in the Federal government, ending redundant government programs, and growing the economy to increase tax revenues. Closing the deficit and reducing our debt will mean China cannot blackmail us with our own Treasury bonds.
Strengthen the U.S. military and deploying it appropriately in the East and South China Seas. These actions will discourage Chinese adventurism that imperils American interests in Asia and shows our strength as we begin renegotiating our trading relationship with China. A strong military presence will be a clear signal to China and other nations in Asia and around the world that America is back in the global leadership business.