(Image source from: CNN.com)

The United States President Donald Trump on Friday said he wants to halt the subsidies that rising economies like India and China have been receiving as he wants the U.S., which he considers as a "developing nation", to grow sooner than anybody.

Addressing a fundraiser event in the Fargo city of North Dakota, he likewise accused the World Trade Organization (WTO) of letting China become a "great economic power".

"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. The whole thing is crazy. Like India, like China, like others, we say, 'oh, they're growing actually'," Trump said.

He said that they call themselves developing nations and "under that category they get subsidies."

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"We have to pay them money. This whole thing is crazy, but we’re going to stop it. We're going to stop it. We have stopped it."

"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," Trump said amidst applause from the audience.

Attacking the WTO, Trump said he thinks that the World Trade Organization was perhaps the worst of all. "But a lot of people don't know what that is, that allowed China to become this great economic power".

On the trade deficit between the U.S. and China, which has led to a tariff war between the world's top two economies, he said, "I'm a big fan of (Chinese) President Xi Jinping, but I told him, 'we have to be fair'."

By Sowmya Sangam