Revealed on social media as ‘2nd generation America First’
“Termination of contract with companies outsourcing to China”
Emphasis on protectionist policies such as the abolition of FTAs
On the 27th, former President Donald Trump (pictured), who announced his candidacy for the 2024 presidential election, said on the 27th, “We will remove the most-favored-nation status from China in all important areas and phase out Chinese imports of all essential commodities, from electronics to steel to medicines. We will adopt a yearly plan,” he said.
Former President Trump announced the pledge of’America First’, which contains these contents in a video released on his social media that day. If the most-favored-nation treatment is taken away, tariffs on Chinese products will rise significantly. During his tenure, former President Trump invoked “Article 301 of the Trade Act” (regulations on retaliatory measures such as high tariffs against foreign unfair trade) and imposed a high tariff of 25% on Chinese products.
“I will adopt new rules to prevent American companies from pouring their investments into China and China buying the United States,” he said. ” he also said.
Former President Trump also said, “We will gradually introduce a universal basic tariff system for most foreign products,” and said, “As foreign countries devalue their currencies to increase price competitiveness, tariffs will gradually increase.” He went on to refer to the repeal of the North American Free Trade Agreement (NAFTA) during his tenure as “quickly eliminating other unfair trade deals.” Just as he pressed for the revision of the Korea-US Free Trade Agreement (FTA) during his tenure, he emphasized that he would strengthen protectionist policies, such as scrapping the FTA and imposing tariffs on foreign products.
Depriving China of most-favoured-nation treatment was recommended by the US-China Economic and Security Review Commission (USCC), an advisory body to the US Congress, in November last year.
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Source: Donga
Mark Jones is a world traveler and journalist for News Rebeat. With a curious mind and a love of adventure, Mark brings a unique perspective to the latest global events and provides in-depth and thought-provoking coverage of the world at large.