President Trump’s second address to the UN General Assembly didn’t include any bombshell revelations (like last year’s speech where Trump threatened North Korea with nuclear annihilation and referred to Kim Jong Un as ‘Little Rocket Man’), but it was just as much of a repudiation of the global order that the UN represents. In a speech that rejected internationalism and embraced the nationalist populism that Trump has long championed, Trump blasted “the ideology of globalism” and multinational organizations like the UN that he said infringe on national sovereignty. During the speech, Trump urged other nations to look out for themselves and their own interests – and allow the US to do the same.
“I honor every nation to pursue its own customs, beliefs and traditions. The United States will not tell you how to live or work or worship,” Mr. Trump said. “We only ask that you honor our sovereignty in return.
In a speech that lasted roughly 30 minutes, Trump vowed that the US would “not be taken advantage of any longer” and slammed both its friends and foes for taking advantage of the US’s defense spending and its trading largess.
Here are key takeaways courtesy of Bloomberg:
- US pressure on Iran only going to increase, with oil sanctions coming in November.
- Trump sees his “principled realism” in foreign policy paying big dividends since he took office, particularly on North Korea.
- James points out that this speech was studded with messages for his domestic audience, on foreign aid, on higher gas prices, on immigration.
- The US appears to be planning to overhaul foreign aid Trump praised Xi Jinping, but signaled he won’t back down on going after China on tariffs.
- One country not mentioned at all really: Russia
And here’s an expanded summary of all the main points, courtesy of Sputnik:
Syria
Emphasizing the need for a “reinvigoration” of the UN-led Syrian peace process and saying that “our shared goals [in Syria] must be the de-escalation of military conflict along with a political solution,” Trump threatened a US military response if Damascus deployed chemical weapons.
ISIS’ Defeat
Trump praised cooperation between the US and its Gulf allies, saying this cooperation contributed to Daesh’s military defeat. “Thanks to the United States military, and our partnership with many of your nations, I’m pleased to report that the bloodthirsty killers known as ISIS have been driven” from Iraq and Syria, Trump said.
“We will continue to work with friends and allies to deny radical Islamic terrorists any funding, territorial support,” Trump said.
Trade
Trump accused countries of “abusing” the US market’s openness, charging some nations with “relentless product dumping, forced technology transfer, and the theft of intellectual property.”
In a direct attack on China, Trump pointed to the loss of 3 million US manufacturing jobs to what he referred to as “market distortions.” “Those days are over. We will no longer tolerate such abuse,” he said.
Noting the world trade system is in “dire need of change,” Trump suggested that part of the problem stems from the World Trade Organization’s entry standards. “For example, countries were admitted to the [WTO] that violate every single principle on which the organization is based,” he said.
OPEC and Energy
Complaining about high oil prices, Trump accused OPEC nations of “ripping off the nations of the world. I don’t like it, and nobody should like it,” he said.
The president accused Germany of allowing itself to become reliant on Russian energy supplies with the construction of the Nord Stream 2 pipeline. “Germany will become totally dependent on Russian energy if it does not immediately change course,” he said.
“The United States stands ready to export our abundant, affordable supply of oil, clean coal, and natural gas,” he added.
Foreign Aid and US Sovereignty
Trump said that his administration was working to ensure that the US provides foreign aid only to those who “respect” the US and are America’s friends.
He also said that the US would assert US sovereignty and reject “global governance, control and domination.” Telling the Assembly that the US would not “tell other nations how to live,” he added that the US expects other countries to “honor America’s sovereignty in return.”
US Won’t Join Global Compact for Migration
Trump told the Assembly that the US would not participate in the Global Compact for Migration initiative. “We recognize the right of every nation in this room to set its own immigration policy in accordance with its national interests, just as we ask other countries to respect our right to do the same, which we are doing. That is one reason the United States will not participate in the new Global Compact on Migration,” he said.
North Korea
Praising what he called a “bold and new push for peace” in the Korean peninsula and saying he appreciates the personal efforts by North Korean leader Kim Jong-un in this direction, Trump noted that “sanctions will stay in place until denuclearization occurs.”
Boast of “Extraordinary Progress”
“Today I stand before the United Nations General Assembly to share the extraordinary progress we’ve made. In less than two years, my administration has accomplished more than almost any administration in the history of our country,” US President Trump said, while addressing the 73rd Session of the UN General Assembly in New York. The president’s boast prompted laughter from the audience.
* * *
As one might expect, Trump’s comments impacted everything from oil prices to defense stocks:
His comments about OPEC producers conspiring to raise prices sent oil to session highs.
President Trump speaks about the need to lower oil prices, “these horrible prices.” Crude rises to session highs right after that. pic.twitter.com/uiarOVNTl9
— Lisa Abramowicz (@lisaabramowicz1) September 25, 2018
Defense stocks caught a bid:
Defense stocks catching a bid
— Helene Meisler (@hmeisler) September 25, 2018
US benchmarks dropped to their lows of the session after Trump said the US trade deficit with China “is just not acceptable.”
S&P 500 DROPS TO SESSION LOWS AS TRUMP SPEAKS AT UN
— zerohedge (@zerohedge) September 25, 2018
Trump kept his composure throughout the speech despite his hostile audience, which broke out into laughter when Trump boasted that his administration “has accomplished more than any administration in the history of our country” in just two years.
Trump replies “I didn’t expect that reaction but that’s okay.”
Watch the full speech via the tweet below:
— Donald J. Trump (@realDonaldTrump) September 25, 2018
The post Trump Rejects Globalism In UN Speech, Slams Iran, Emphasizes “America First” appeared first on crude-oil.news.