Trump tackles trade abuses ahead of meeting with Chinese president
- Author: Carolyn Briggs Apr 02, 2017,
Apr 02, 2017, 9:18
Just moments before leaving, Trump had said that the two orders would start a "great revival" for USA manufacturing.
Trump also did some work last week on another of his favorite trade targets - NAFTA, or as he calls it, "The worst trade deal ever signed by any country ever".
Navarro said the order directs the Commerce and Homeland Security departments to close these gaps by imposing tougher bonding requirements to ensure duty collections and new legal requirements for assessing risks associated with importers.
President Donald Trump had an apparent glitch Friday when he walked out of the Oval Office before signing a pair of new trade executive orders. That's right: Trump held an executive order signing ceremony without signing any executive orders. "Thousands of factories have been stolen from our country". Members of the administration termed the violations "trade abuse" and indicated that countries are manipulating the prices of goods in order to export at greater volumes.
In Washington DC, the U.S. leader largely blamed "unscrupulous foreign powers" for his country's trade imbalance. The memo outlined proposed changes to the North American Free Trade Agreement that were far less sweeping than Trump's statements on the campaign trail appeared to imply. "This is not our policy", Mr Zheng told a briefing about the Xi-Trump meeting. "It's a little bit hard to say that someone is an evildoer if they are providing a product we can't", he said.
On Friday, President Trump left his executive order signing ceremony before actually signing the orders. "American companies must be prepared to look at other alternatives".
Several economists said it's unlikely the planned report would address the broader economic forces behind the trade imbalance, since it would track trade deficits country-by-country and product-by-product.
Ross has promised tougher enforcement of US trade laws and more anti-dumping and anti-subsidy cases initiated by the Commerce Department, rather than relying on companies to claim injuries from imports.
"We're not here for tweets", Navarro shot back at a reporter who asked about the tweet.
Speaking to reporters on Thursday, Ross said the first-of-its-kind report demonstrates that the administration will "not to do anything abruptly, but to take a very measured and analytical approach, both to analyzing the problem and therefore to developing the solutions for it". The inverse of a trade deficit is a trade surplus.
The report, Ross said, will examine whether deficits are being driven by things like cheating, specific trade obligations, lax enforcement and World Trade Organization rules.
Between 2001 and 2016, about $2.8 billion in import taxes went uncollected from companies in 40 countries, White House Press Secretary Sean Spicer said Friday. The study will be on the effects of abuses such as dumping of products below cost, unfair subsidies, "misaligned" currencies and "non-reciprocal" trade practices by other countries.
Pence remembers, grabs executive order from desk.
"For the first time, we're looking at what's been the source of the large and persistent trade deficit that has contributed to job losses", Navarro said.