President Donald Trump said he wants to stop the subsidies that growing economies like India and China have been receiving as he wants the US, which he considers as a “developing nation”, to grow faster than anybody.
Addressing a fundraiser event in the Fargo city of North Dakota, he also accused the World Trade Organization (WTO) of allowing China to become a “great economic power”.
“We have some of these countries that are considered growing economies. Some countries that have not matured enough yet, so we are paying them subsidies. Whole thing is crazy. Like India, like China, like others we say, ”oh, they’re growing actually”,” Trump said.
He said that they call themselves developing nations and “under that category they get subsidies.” “We have to pay them money. This whole thing is crazy, but we’re going to stop it. We’re going to stop it. We have stopped it.
“We are a developing nation, too, OK? We are. As far as I’m concerned, we are a developing nation. I want to be put down in that category because we are growing, too. We are going to grow faster than anybody,” Trump said amidst applause from the audience.
On the trade deficit between the US and China, which has led to a tariff war between the world”s top two economies, he said, “I’m a big fan of (Chinese) President Xi Jinping, but I told him, ”we have to be fair”.” “We can’t let China take USD 500 billion a year out of the United States and rebuild itself,” he added.
“For years and years we’ve been protecting these countries. They’re making a fortune. They’ve had very little military cost. We have the biggest military cost in the world. Most of it goes to protecting outside countries, some of whom don’t even like us,” Trump said.
“We’re protecting countries that have I got to say, they do have respect for us now, but they didn’t have any respect for us, and they got to pay. They got to pay, you know, when they’re wealthy,” he said.