Terming United States as a ‘developing’ country, US President Donald Trump said that the nation and can’t afford to subsidize countries like India and China anymore.
Terming United States as a ‘developing’ country, US President Donald Trump said that the nation and can’t afford to subsidize countries like India and China anymore. While addressing a fundraiser in Fargo, North Dakota recently, Trump said that he wants to stop helping to fund growing economies like India and China, and focus on US first. “We are a developing nation, too, OK? We are. As far as I’m 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,” said Trump. In his address Trump also blamed the World Trade Organization (WTO) for allowing China to become a “great economic power” by categorizing it as a developing country. “Under that category they get subsidies,” he said.
Earlier, the Trump administration had alleged that major emerging economies like India, China, Brazil and South Africa are availing several concessions by self-declaring as a developing nation. “Any country may self-declare itself as a developing country, thus entitling it to all special and differential treatment afforded to developing countries under the WTO Agreements, as well as any new flexibilities afforded to developing countries under current or forthcoming negotiations,” the Trump administration said in its trade policy agenda and annual report in March this year.
According to the Trump administration, categorizing itself under the developing category, more advanced countries like Brazil, China, India and South Africa receive the same flexibilities as Sub-Saharan African and South Asian non-LDCs (Least Developed Countries), despite their very significant impact in the global economy.
“We 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, ‘Oh, they’re growing actually.We have to pay them money… but we’re going to stop it. We’re going to stop it. We have stopped it,” President Donald Trump said.