Chicago: President Donald Trump on Friday said he wants to stop the subsidies that growing economies like India and China have been receiving as he wants the US, which he considers as a âdeveloping nationâ, to grow faster than anybody.
Addressing a fundraiser event in the Fargo city of North Dakota, he also accused the World Trade Organization (WTO) of allowing China to become a âgreat economic powerâ.
âWe have some of these countries that are considered growing economies. Some countries that have not matured enough yet, so we are paying them subsidies. Whole thing is crazy. Like India, like China, like others we say, âoh, theyâre growing actuallyâ,â Trump said.
He said that they call themselves developing nations and âunder that category they get subsidies.â
âWe have to pay them money. This whole thing is crazy, but weâre going to stop it. Weâre going to stop it. We have stopped it.
âWe are a developing nation, too, OK? We are. As far as Iâm concerned, we are a developing nation. I want to be put down in that category because we are growing, too. We are going to grow faster than anybody,â Trump said amidst applause from the audience.
Attacking the WTO, Trump said he thinks that the World Trade Organization was probably the worst of all. âBut a lot of people donât know what that is, that allowed China to become this great economic powerâ.
On the trade deficit between the US and China, which has led to a tariff war between the worldâs top two economies, he said, âIâm a big fan of (Chinese) President Xi Jinping, but I told him, âwe have to be fairâ.â
âWe canât let China take USD 500 billion a year out of the United States and rebuild itself,â he added.
The President also said that the US should get paid for securing the wealthy countries from the outside harm.
âI think itâs fine, but they got to pay us for this. Weâre watching the whole world and they take it for granted.
âFor years and years weâve been protecting these countries. Theyâre making a fortune. Theyâve had very little military cost. We have the biggest military cost in the world. Most of it goes to protecting outside countries, some of whom donât even like us,â Trump said.
âWeâre protecting countries that have -- I got to say, they do have respect for us now, but they didnât have any respect for us, and they got to pay. They got to pay, you know, when theyâre wealthy,â he said.