On Monday, former President Donald Trump released his “sweeping pro-American overhaul of our tax and trade policy,” which would increase support for American production while also reducing dependency on China.
In a statement, Trump noted that in his vision, the country would move toward a pattern where domestic producers would no longer be punished while outsourcers are rewarded. Instead, he said, he wants to reward “domestic production” and tax “foreign companies and those who export American jobs.”
He added that in order to achieve this, they will create a “system of universal base-line tariffs” on foreign products. Higher tariffs will be implemented incrementally depending on “how much individual foreign countries devalue their currency.”
Trump added that taxation for American producers would continue to drop, which will allow domestic producers to hire more employees. He added that this system is going to help put a stop to the “gaping trade deficits.” It will also help restore millions of American jobs, while also bringing trillions of dollars into the United States Treasury.
He added that this plan is going to build on “my historical success in ending NAFTA [North Atlantic Free Trade Agreement].” Trump also introduced a number of policy proposals that would help eliminate the country’s dependency on China. He added that these policies would help “phase out all Chinese imports of essential goods, everything from electronics to steel to pharmaceuticals.” He continued by claiming that additional protections would be put in place to stop China from circumventing the restrictions and passing goods into the country.