Trump Announces This Major 2024 Trade Policy

President Donald Trump giving remarks in the White House Rose Garden on May 30, 2020. Via Wikimedia Commons.

Monday, President Trump and his 2024 Presidential campaign team rolled out his 2024 “America First” trade policy. This policy aims to tax China more, to build America up. It “would eliminate China’s most favored nation trade status [while banning] federal contracts for companies that outsource to China.” Ultimately focusing on rewarding domestic production and imposing tariffs on imported goods. The following comes from Trump and his campaign.

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According to Fox News,

“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,” Trump said in a policy video, titled “Pro-American Trade to End our Reliance on China.”

“Very simply, the Biden agenda taxes America to build up China,” Trump said. “My agenda will tax China to build up America.”

Trump said if re-elected, he will move the country to a new system that “rewards domestic production and taxes foreign companies and those who export American jobs.”

Trump said to achieve his goal, he would phase in a system of universal, baseline tariffs on most foreign products. Trump said higher tariffs will “increase incrementally depending on how much individual foreign countries devalue their currency.”

Trump also said countries devalue their currency and “subsidize their industries, or otherwise engage in trade cheating and abuse, and they do it now like never before.”

“We had largely stopped and it was going to be stopped completely within less than a year,” Trump said, reflecting on his administration.

“As tariffs on foreign producers go up, taxes on American producers will go down, and go down very substantially, that means a lot of jobs coming in,” Trump said.

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This new policy would completely eliminate the United States’ dependency on China. It would create a four-year plan to phase out Chinese imports and it would ban federal contracts for outsourcing. Creating more jobs for Americans and keeping our country out of the hands of China. This comes as tensions between China and the United States rise and as China has deployed a recent spy balloon into our skies. Trump now lays out a plan to take action against the country.

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