Trump talks up orders on trade, but neglects to sign them
- Author: Leroy Wright Apr 01, 2017,
Apr 01, 2017, 8:00
"This is a story about trade abuses".
Trade is expected to be a big topic of conversation next week when President Trump meets with Chinese President Xi Jinping at Mar-a-Lago.
Trump said at a White House signing ceremony that he and Xi were "going to get down to some serious business" next week and vowed that "the theft of American prosperity" by foreign countries would end.
Commerce Secretary Wilbur Ross said the administration will use the report when it is finished in 90 days as a "basis for decision making".
Trump has repeatedly stated that he wants to bolster USA manufacturing create trade deals that work in America's interests.
WTO head Roberto Azevedo said there was a need for clarity on United States trade policy, to see how public declarations translate into policy. I'm not beholden to any political or financial interest. Since taking office, Trump also made protection of American workers and companies from foreign competitors his No. 1 priority.
A second order signed by Mr. Trump will be aimed at "dumping" of foreign-made products on the US market, to beef up collection of duties imposed on illegally subsidized goods.
"This is especially a problem in countries whose governments subsidise exports into our country".
The second executive order will give USA agencies, especially those working at the borders, greater power to collect import taxes.
Navarro said the inability of the United States to collect anti-dumping duties on a wide range of products is a "long festering problem". Ultimately, it could mean more jobs or job security in American manufacturing, but higher prices on goods across the nation. "We may conclude that no action really needs to be taken". "It is not a statement of administration policy", Spicer said.
While economists concede the benefits of trade can be uneven, they argue the job losses which Mr Trump blames on trade pacts can largely be attributed to automation.
According to the estimates provided by the White House National Trade Council director Peter Navarro, the enforcement agencies have failed to recover close to $2.8 million anti-dumping and countervailing duties from foreign trade partners since 2001.
A day earlier he had identified 16 major countries with which the USA has significant trade imbalances, while noting that the communist nation was the number one source of the deficit.
"Undoubtedly with some of the countries we will conclude that there is no real action that should be taken", Ross emphasized.
China tops the list with $347 billion trade surplus over the USA, followed by Japan with $69 billion, Germany with $65 billion, Mexico with $62 billion, Ireland with $36 billion, Vietnam with $32 billion, Italy with $28 billion, South Korea with $28 billion, Malaysia with $25 billion, India with $24 billion, Thailand with $19 billion, France with $16 billion, Switzerland with $14 billion, Taiwan with $13 billion, Indonesia with $13 billion and Canada with $11 billion.
Other countries that he said could be reviewed are Japan, Germany, Ireland, Vietnam, Italy, South Korea, Malaysia, India, Thailand, France, Switzerland, Taiwan, Indonesia, and Canada. "The jobs and wealth have been stripped from our country, year after year, decade after decade, trade deficit upon trade deficit reaching more than $700 billion last year alone and lots of jobs".
"For example, some of our deficit comes from the fact that we import a lot of oil".