China one of great thefts of all time: Trump

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Republican presidential front-runner Donald Trump has slammed China for the devaluation of its tightly-controlled currency, describing the Communist trading giant as one of the “great thefts” of all time.

[News Desk| February, 18 2016 |The Hindu]

“China has been one of the great thefts of all time, what they’ve done to the United States. We can’t let China continue to get away with what they’re doing to our country,” Mr. Trump said on Wednesday.

“The number-one way that countries are killing us is with devaluations of their currencies, and our companies can’t compete. You take a look at what’s happening in Japan with the devaluation of the yen, just look at this. Caterpillar is having such a hard time competing with Komatsu, which is a big tractor-maker from Japan,” Mr. Trump said. Trump also threatened that he would impose a hefty 40-45 per cent tariff on products coming from China into the U.S.

“It’s a threat. What China has done to us with devaluation of their currency is unbelievable,” he said. “Nobody thought they were going to do it again, and then four months ago they had the largest devaluation that they’ve had in 20 years. The largest in 20 years. Now they’re going to do it again. Our companies can’t compete. They are devaluing their currencies,” he added.

Terming the recent trade agreements as a disaster, Mr. Trump said the Trans-Pacific Partnership should not be signed. “TPP, Trans-Pacific Partnership, is a disaster because they don’t talk about monetary manipulation and devaluation. They don’t talk about it,” he said.

“The NAFTA agreements and trade agreements that we have generally will be fully renegotiated by me. We have right now a deficit with Mexico, a trade deficit of $58 billion. We have a $500 billion deficit with China. You can’t have this. We will renegotiate,” he said.

Faced with sluggish economic growth and dwindling exports, China, the world’s largest trading nation, has devalued its currency for a long time. A number of countries have expressed their concern over the move including India which termed it as a “worrying” development.

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  • commented 2016-02-25 18:17:36 -0500
    Trump is the first candidate for high office to even bring this up. This is my issue. My career, along with the careers of thousands of people like me, were off-shored to China. Communist China is a criminal enterprise. We should not be doing business with them at all, much allowing them to steal our jobs, our technology, and our intellectual property. They are not doing this to improve the lives of their citizens. They are allowing controlled capitalism to enrich the honchos of the Chinese Communist Party, and to build up the biggest military in the world. Just like our “progressives,” they are all about accumulating wealth and power for the ruling class, while the workers wind up sucking wind.