China, in his words · First term · № 62
Told the UN that China engages in IP theft "on a grand scale"
“Not only has China declined to adopt promised reforms, it has embraced an economic model dependent on massive market barriers, heavy state subsidies, currency manipulation, product dumping, forced technology transfers, and the theft of intellectual property and also trade secrets on a grand scale.”
- Said
- , Address to the United Nations General Assembly, New York City
- Subject
- WTO and trade practices
- Threat
- Economic threat
- Topic
- Trade & tariffs
- Era
- First term
What the record showed
Later in the same speech Trump said, "We are all counting on President Xi as a great leader." On January 13, 2020, the Treasury Department reported that no major U.S. trading partner met the legal criteria for currency manipulation, and two days later Trump signed the Phase One agreement, calling Xi "a very, very good friend of mine." China ultimately bought 58 percent of the U.S. exports it had committed to purchase under that agreement, according to the Peterson Institute for International Economics.
Sources
- Remarks to the United Nations General Assembly in New York City
- Treasury Releases Report on Macroeconomic and Foreign Exchange Policies of Major Trading Partners of the United States
- Remarks With Vice Premier Liu He of China on Signing the United States-China Phase One Trade Agreement
- China bought none of the extra $200 billion of US exports in Trump's trade deal