Bedminster, NJ– In a new Agenda47 video, President Donald J. Trump announced his plan to return jobs and wealth to the United States, spark economic growth that will lift our middle class, and eliminate our dependence on China and other countries. “Trump Reciprocal Trade Act.”
“Under the Trump Reciprocal Trade Act, other countries will have two choices—they will eliminate their tariffs on us, or they will pay us hundreds of billions of dollars and the United States will make an absolute fortune,” President Trump said.
“If India, China, or any other country imposes a 100 or 200 percent tariff on US-made goods, we will hit them with the exact same tariff. In other words, 100 percent is 100 percent. If they charge the US, we charge them—an eye for an eye, duty for duty, the same exact amount.”
PRESIDENT TRUMP’S PLAN TO ENSURE RECIPROCAL AND FAIR TRADE
PRESIDENT TRUMP WILL WORK WITH CONGRESS TO PASS THE TRUMP RECIPROCAL TRADE ACT:
- President Trump’s top economic priority includes implementing the Trump Reciprocal Trade Act to address the issue of American jobs being sent overseas.
- This significant legislation enables President Trump to impose reciprocal tariffs on goods from foreign countries if they impose higher tariffs on American-made goods compared to the tariffs imposed by the United States.
- The Act aims to establish fairness by granting President Trump the authority to negotiate tariff reductions on foreign goods, contingent upon foreign countries reciprocating by reducing their tariffs on American goods.
- The Trump Reciprocal Trade Act is designed to prioritize the interests of the United States, promoting the continuation of President Trump’s successful trade initiatives that resulted in a reduction of America’s trade deficit, increased wages, and the creation of over half a million new manufacturing jobs.
- This landmark legislation aligns with the opinions of a significant majority of conservatives (91 percent) and a substantial portion of Democrats (75 percent), who support the implementation of reciprocal tariffs on foreign imports to safeguard American workers.
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THE TRUMP RECIPROCAL TRADE ACT WILL RESTORE FAIRNESS TO TRADE, BOOSTING AMERICAN INDUSTRY:
- Trump’s Reciprocal Trade Act is one of the greatest historical precedents in American history.
- From 1816 to 1947, the United States imposed tariffs on more than 95 percent of all imports, with an average tariff rate of 37 percent. In particular, at this time, the U.S. Much of the government’s revenue was derived from tariffs on foreign goods rather than from taxes on American citizens.
- However, the U.S. The current scenario paints a different picture, as tariffs now rank among the lowest in the world. Consequently, the United States has become the most import-dependent country in the world.
- A striking comparison shows that the average tariff rate in China is 341 percent higher than in the United States, while the average tariff in the European Union is 50 percent higher.
- In fact, the global average tariff rate is twice that of the United States.
- To further explain, consider the tariff rates applicable to specific goods. India imposes a 32.9 percent tariff on cereals and preparatory goods, China imposes 19.5 percent, and the United States imposes just 3.1 percent. Additionally, India applies a 25.3 percent tariff rate on transportation equipment, while the United States imposes 2.9 percent tariffs on such goods.
- Setting low tariffs on foreign goods while facing high, protectionist tariffs from other countries can harm American businesses. Unfair and unbalanced trade policies put American enterprises at a disadvantage as they struggle to compete with tariff-protected foreign competitors.
- Consequently, demand for domestically produced goods declined, resulting in lower manufacturing jobs and wages.
- President Trump’s implementation of the Trump Reciprocal Trade Act represents a return to proper trade protection measures. By aligning our tariff practices with our foreign competitors, we aim to protect American jobs, reduce dependence on foreign competitors, and extract significant government revenue from foreign companies.
- This policy will strengthen American industries and contribute to their growth and stability.
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JOE BIDEN’S “AMERICA LAST” TRADE POLICIES HAVE GUTTED AMERICAN JOBS AND INDUSTRY:
- Joe Biden has been criticized for failing to act as our foreign competitors tax American industry, even as President Trump actively plans to impose tariffs on foreign rivals.
- Since taking office, Joe Biden’s trade policies, perceived as globalist, have led to a significant increase in the trade deficit.
- Last year, the U.S. The trade deficit reached an all-time high, reaching $1 trillion. In particular, the farm deficit increased by $2 billion, with projections pointing to a record deficit of $14.5 billion in 2023.
- Under Joe Biden’s leadership, the trade deficit with China rose nearly 10 percent to $383 billion in the previous year.
- As a result of these increased deficits, American workers faced lower wages and declining job opportunities.
- Over a 28-month period, real wages suffered a sharp decline due to Biden’s weak trade policies, which allowed the American market to be flooded with cheap foreign goods made with low-cost foreign labor.
- Under the Biden administration, the total value of foreign imports will reach an all-time high of $4 trillion in 2022.
- In contrast, the trade deficit with China has decreased as a result of President Trump’s policies during his tenure.
The Trump Reciprocal Trade Act is an additional tool, in addition to universal baseline tariffs, to reduce the trade deficit and bring back American jobs and wealth:
- President Trump unveiled a plan to replace the system previously in place under Biden, which he believed punished domestic producers and rewarded outsourcers. Instead, his proposed system aims to reward domestic production while enforcing taxes on foreign companies.
- Rather than raising taxes on American producers, President Trump intends to impose tariffs on foreign producers through a system of universal baseline tariffs applied to most imported goods.
- These tariffs will gradually increase if other countries engage in unfair trade practices or manipulate their currency.
- The goal is to lower taxes for American workers, families, and businesses by raising tariffs on foreign countries.
- A strategy of raising tariffs on foreign producers while lowering taxes for domestic producers serves to retain jobs and wealth in the United States.
- Higher tariffs are projected to create millions of new jobs, increase real household income, increase GDP, increase domestic manufacturing output, and generate hundreds of billions of dollars worth of government revenue.
- President Trump’s proposal for universal baseline tariffs aims to restore a level playing field for American businesses globally.
- Moreover, he plans to withdraw China’s Most Favored Nation trade status, deeming it inappropriate for China to gain priority while undermining US national security interests around the world.
- Under President Trump’s leadership, the United States is expected to regain its status as a manufacturing powerhouse and achieve economic independence from China.
TRANSCRIPT
Joe Biden has run record trade deficits, surpassing previous presidents by a significant margin. These significant losses have resulted in the loss of countless jobs and trillions of dollars in wealth to our nation.
Addressing this issue and creating a level playing field for American workers is one of my top economic priorities. I successfully tackled this problem three years ago and the progress we have made is impressive. Unfortunately, the current Biden administration has reversed that progress.
To achieve this goal, I will introduce groundbreaking legislation known as the Trump Reciprocal Trade Act. This legislation will help us respond to countries like India and China, or any other country, that impose 100 or 200 percent higher tariffs on American-made goods. We retaliate by imposing the same tariffs, matching them dollar for dollar. An eye for an eye, a tariff for a tariff—100 percent means 100 percent. If they charge us we will charge them accordingly. This policy induces them to remove their tariffs or bring substantial revenue to our country.
Under Trump’s reciprocal trade law, other countries face two choices: remove their tariffs on our goods or pay us hundreds of billions of dollars. The United States will use this opportunity to amass enormous wealth. This law ends decades of unilateral economic capitulation.
This initiative will be especially beneficial to our farmers in Iowa and other agricultural states, as well as manufacturers across the country. We will eliminate barriers to the export of American agricultural products, dairy products, steel, and many other goods. We will no longer tolerate the exploitation we have experienced from all nations of the world.
Our focus is fairness and reciprocity. If they impose tariffs on us, we will respond in kind. Reciprocity is the guiding principle of our commercial strategy.
This policy plays a critical role in our efforts to bring jobs and wealth back to the United States, leading to economic growth that lifts the middle class and reduces our dependence on China and other countries. This change is long overdue. We are targets for others to take advantage of, to be disrespected in business and in many other areas. It ends now.
The Trump Reciprocal Trade Act
Thank you.