Trump Promises Giant Overhaul Of Tax And Trade 

( – Donald Trump has begun unveiling some of his policy initiatives ahead of the 2024 GOP primary. 

Earlier this week, he revealed his “sweeping pro-American overhaul of our tax and trade policy.” The central part of it is bolstering production in America while shedding the country’s dependence on Communist China. 

He announced: 

“The heart of my vision is a sweeping pro-American overhaul of our tax and trade policy to move from the Biden system that punishes domestic producers and rewards outsourcers to a system that rewards domestic production and taxes foreign companies and those who export American jobs. 

“To achieve this goal, we will phase in a system of universal base-line tariffs on most foreign products. On top of this, higher tariffs will increase incrementally depending on how much individual foreign countries devalue their currency.” 

As Trump implements his tariff system, then the taxes that are assessed on American manufacturers would fall progressively over time. This would then allow American employers to increase their hiring. 

Trump continued: 

“As tariffs on foreign producers go up, taxes on American producers will go down and go down very substantially, and that means a lot of jobs coming in. Not only will this system end our gaping trade deficits — and they are massive right now — and bring back millions of American jobs, it will also bring trillions and trillions of dollars pouring into the United States Treasury from foreign countries and allow us to invest that money in American workers, American families, and American communities. 

“This plan will be the linchpin of a new strategic manufacturing initiative that builds on my historical success in ending NAFTA [North Atlantic Free Trade Agreement].” 

Trump also said he would focus some of his policies on China specifically. That includes eventually discontinuing all major imports from China. The aim is to “completely eliminate dependence on China in all critical areas.” 

America would revoke the “most-favored-nation trade status” that China currently has with the U.S., as well as adopt a new four-year plan that would phase out the importation of all essential goods from China. This would reduce the country’s foreign dependence on crucial items such as pharmaceuticals, steel and electronics. 

In addition, Trump said he would work to close loopholes that would allow China to workaround these restrictions by passing their goods through various conduit countries. This phrase is used to describe countries that don’t produce a specific good but “somehow” end up selling a lot of that particular good – because China sold it to them to re-sell to America. 

Trump explained: 

“It comes right through China, right out China, and right into our country. We will also adopt new rules to stop U.S. companies from pouring investments into China and to stop China from buying up America. … And we will eliminate federal contracts to any company that outsources to China.” 

He added that President Joe Biden “will never get the job done,” saying he’s “weak on China because the corrupt Biden family has received millions and millions of dollars from entities tied to the Chinese Communist Party.”