President ordering an end to trade abuse
- Author: Leroy Wright Apr 02, 2017,
Apr 02, 2017, 16:42
And we are signing two very powerful executive orders.
One order commissions a 90-day study of U.S. trade deficits with some of its largest trading partners to identify potential trade abuses and cheating.
"Needless to say the number one source of the deficit is China", Mr Ross said, before listing more than a dozen other "countries that will potentially be involved".
The study also will examine World Trade Organization rules that Ross said do not treat countries equally, such as on taxation.
Both Ross and Navarro also made clear that both executive orders would tackle the sources of the US' trade deficit with China, which Trump argues has led to the loss of millions of United States jobs and the decline of USA manufacturing.
"It will demonstrate the administration's intention not to hip-shoot, not to do anything casual, not to do anything abruptly, but to take a very measured and analytical approach", Ross said.
Ross named 16 countries that the US runs major trade deficits with.
Threatening countries which get away with violating import duties, Trump asserted that a detailed investigation of trade abuses will be done, following which stringent laws will be put in place to prevent them.
But foreign trade has also created savings by US consumers for helping to reduce prices for clothing, cars and furniture, among other items.
U.S. President Donald Trump´s executive orders on trade deficits and import duty evasion are a sign that Washington plans to move away from free trade and global agreements, German Economy Minister Brigitte Zypries said on Saturday.
Trump declared that the two orders would start a "great revival" for US manufacturing, repeating his campaign message that trade pacts have caused factory jobs to flow overseas.
Navarro said such duties have been under-collected by a cumulative US$2.8 billion since 2001.
Second, the investigation will look into whether the deficits with countries are because of specific free-trade agreements that did not produce positive results they were expected to generate for US businesses and workers, Ross said.
In Thursday's tweet, Trump said the highly anticipated meeting, which is also expected to cover differences over North Korea and China's strategic ambitions in the South China Sea, "will be a very hard one".
In remarks from a podium, Trump said he was stopping the theft of American prosperity with his directives that order the government to fully collect on duties imposed on imports and begin investigations into countries accused of improper trade practices.
Chinese investment in the U.S.is also rising, creating more employment opportunities, Zheng said, adding that Beijing is willing to work with Washington to promote more balanced trade between the two countries.
"Nothing we're saying tonight is about China".
"As long as both sides broaden their thinking, take positive moves, both countries can do a lot in the trade and business sphere, and can achieve mutually beneficial, win-win results".
"American companies must be prepared to look at other alternatives", he wrote. Deficits with Japan ($68.9 billion), Germany ($64.9 billion), Mexico (63.2 billion), Ireland ($35.9 billion) and Vietnam ($32 billion) are also targeted by the new executive order. "Let's not make this a story about China".
The U.S. had a massive $347 billion trade deficit with China past year, guaranteeing it a spot at the top of the list.
Trump has portrayed trade deficits as strangling economic growth and devastating factory jobs at home.