Trump Plans to Stop Subsidies to Economies Like India, China
Earlier on Friday, American President Donald Trump boldly claimed to stop subsidies to economies like India and China, which they’d been receiving in order to grow their developing nations. Now that Trump considers US as well to be a “developing nation”, he plans to use the entire fund to develop US, instead.
Trump further accused the World Trade Organization (WTO) of helping China become an economic power while addressing a fundraiser in the Fargo City, North Dakota.
“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 stated.
Trump accuses them of calling themselves developing nations just to gain subsidies under that category.
“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’, 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 claimed.
Furthermore, Trump attacks the WTO by stating that he thinks that it was probably the worst of all. “But a lot of people don’t know what that is, that allowed China to become this great economic power.”
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 $500 billion a year out of the United States and rebuild itself,” he added.