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Trump: US Should Impose Tariffs on China If It Keeps Currency Undervalued

© REUTERS / Mark KauzlarichU.S. Republican presidential candidate Donald Trump speaks at a campaign stop in Spencer, Iowa December 5, 2015
U.S. Republican presidential candidate Donald Trump speaks at a campaign stop in Spencer, Iowa December 5, 2015 - Sputnik International
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US presidential candidate Donald Trump said he was prepared to impose trade tariffs on China unless it stopped devaluing and undervaluing its trade currency, the renminbi.

Speaker of the House Paul Ryan, Republican of Wisconsin, speaks during a press conference at the US Capitol in Washington, DC, January 6, 2016. - Sputnik International
Paul Ryan: Republicans to Support Trump if He Wins Presidential Nomination
WASHINGTON (Sputnik) – "If they don't stop treating us unfairly — I would certainly start taxing goods from China…," Trump told the sixth Republican presidential debate in Charlotte, North Carolina on Thursday night. "I'm totally open to a tariff. Their whole trade thing is a tariff. It's not free trade."

Trump said US trade policy was currently in the hands of incompetent "political hacks" and he vowed to take immediate action if elected president to close the trade gap with China, which he predicted would come to $505 billion in 2015.

"We've lost between four and seven million jobs because of China…We're going to have a trade deficit of $505 billion with China this year…Who the hell wants to lose $505 billion a year?" he asked.

Trump said that in their passion for free trade and political correctness, current US leaders had abandoned an "equal playing field" for their country in international economic negotiations.

Renminbi became the second most used currency in trade finance in 2014, as well as the fifth largest payment currency and the sixth largest foreign exchange currency in the world, according to SWIFT statistics.

The renminbi is the official currency of the People's Republic of China. The yuan is the basic unit of the renminbi.

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