Addressing the 2019 United Nations General Assembly, President Trump called on the World Trade Organization to step up its efforts to prevent China from "gaming" the global trade system.
Trump's comments on China:
PRESIDENT DONALD TRUMP: In 2001, China was admitted to the World Trade Organization. Our leaders then argued that this decision would compel China to liberalize its economy and strengthen protections to provide things that were unacceptable to us and for private property and for the rule of law.
Two decades later, this theory has been tested and proven completely wrong. Not only has China declined to adopt promised reforms, it has embraced an economic model dependent on the massive market areas, heavy state subsidies, currency manipulation, product dumping, forced technology transfers, and the theft of intellectual property and also trade secrets on a grand scale.
As just one example, I recently met the CEO of a terrific American company, Micron Technology at the White House. Micron produces memory chips used in countless electronics. To advance the Chinese government's five-year economic plan, a company owned by the Chinese state allegedly stole Micron's designs, valued at up to $8.7 billion.
The Chinese company obtains patents for nearly an identical product and Micron was banned from selling its own goods in China. But we are seeking justice. The United States lost 60,000 factories after China entered the WTO. This is happening to other countries all over the globe--the World Trade Organization needs drastic change. The second largest economy in the world should not be permitted to declare itself a developing country in order to game the system at others expense.
For years, these abuses were tolerated, ignored or even encouraged. Globalism exerted a religious pull over past leaders causing them to ignore their own national interest. But as far as America is concerned--those days are over. To confront these unfair practices I placed massive tariffs on more than $500 billion worth of Chinese made goods. Already, as a result of these tariffs supply chains are relocating back to America and to other nations and billions of dollars are being paid to our treasury.
The American people are absolutely committed to restoring balance to our relationship with China. Hopefully we can reach an agreement that would be beneficial for both countries. But as I have made very clear I will not accept a bad deal for the American people. As we endeavor to stabilize our relationship we are also carefully monitoring the situation in Hong Kong. The world fully expects that the Chinese government will honor its binding treaty made with the British and registered with the United Nations in which China commits to protect Hong Kong's freedom, legal system and democratic ways of life.
How China chooses to handle the situation will say a great deal about its role in the world in the future. We are all counting on President Xi as a great leader. The United States does not seek conflict with any other nation. We deserve peace, cooperation and mutual gain with all. But I will never fail to defend America's interests.