China rebuilt itself taking $500bn out of America every-year: Trump
What's the story
US President Donald Trump today claimed that "America has rebuilt China" which has been taking out $500bn a year out of the US, a day after he threatened to impose tariffs on additional $200bn worth of Chinese goods. The move followed tariffs applied last week on $50bn in Chinese imports to the US. China responded, saying it would hit 659 US products worth $50bn.
Inequitable trade
China unfairly benefits from massive trade imbalance, says Trump
Trump, pursuing his "America First" policy, has been insisting that China has been unfairly benefiting from a massive trade imbalance with America, now estimated to be $376 billion. During his 2016 election campaign, he promised to use tariffs to cut the US trade deficits. Trump said if China retaliates against US tariffs, America will impose tariffs on additional $200 billion worth of Chinese goods.
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Taken steps to provide level-playing field to American businesses: Trump
Trump, who was speaking at National Federation of Independent Businesses, said he has taken steps to provide a level-playing field to American businesses with their competitors from other countries "who have so many advantages, including subsidy by governments".
Trade deficit
US has $500 billion trade deficit with China
The US, the world's largest economy, has a trade deficit of almost $500 billion with China, the world's second-largest economy. A trade spat between the top two economies of the world began in April with Trump imposing tariffs on steel and aluminum imports into the US from China, which also retaliated by imposing additional tariffs worth about $3 billion on 128 US products.