United States President Donald Trump on Tuesday accused China of breaking its promise to the international community of adopting "promised reforms" following its admission to the World Trade Organisation, and said the country has instead embraced an economic model dependent on massive market barriers, currency manipulation, and product dumping.
"In 2001 China was admitted to the World Trade Organisation. Our leaders then argued that this decision would compel China to liberalise its economy & strengthen protections to provide things that were unacceptable to us. And for private property for the rule of law," Trump said in his address at the United Nations.
"Decades later, this theory has been proven wrong. Not only has China declined to adopt promised reforms, but it has also embraced an economic model dependent on massive market barriers, currency manipulation, product dumping, forced technology transfers and theft of intellectual property,' he said.
Trump said that the second-largest economy in the world shouldn't be allowed to declare itself a developing country just so to "game the system at other's expense."
"US lost 60,000 factories after China entered the WTO. This is happening to other countries all over the globe. WTO needs a drastic change. The second-largest economy in the world shouldn't be allowed to declare itself a developing country in order to game the system at others' expense," said Trump.
Tensions between the US and China on the trade front have escalated since the beginning of this year, with both the sides having had imposed tariffs worth billions of dollars of each other's imports.
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