Saturday, 21 October 2017
Latest news
Main » Trump to sign executive orders targeting trade abuses

Trump to sign executive orders targeting trade abuses

01 April 2017

Much of that deficit data is already publicly available and well known, but Trump's initiative doubles down on his tough trade rhetoric and is being taken as a protectionist warning shot across the world.

One of the executive orders calls for a full-scale 90-day investigation into every form of trade abuse that contributes to the USA deficit, which totaled more than $502 billion in 2016.

The second directive will order stricter and more effective enforcement of USA anti-dumping laws to prevent foreign manufacturers from undercutting United States companies by selling goods at an unfair price.

President Trump will sign two executive orders attacking the nation's trade deficit on Friday, targeting trade agreements, intellectual property theft and $2.8 billion in unpaid duties.

"Neither measure will have an immediate impact on trade policy or enforcement, but each could eventually lead to aggressive new measures", the New York Times wrote.

Ross explained that trade deficits - the difference between imports and exports - matter. The second order will "correct the problem we have had in collecting anti-dumping fines" due to "straw man" importers, Ross said.

The moves on trade come one week before Trump is scheduled to meet with Chinese President Xi Jinping at Mar-a-Lago next weekend.

Malaysia says Kim Jong Nam's body released to North Korea
In tit-for-tat moves, the two countries first withdrew their ambassadors, then banned each other's citizens from leaving its soil. Both women say they believed they were taking part in a prank TV show, a claim vehemently denied by Malaysian police.

He ticked off a dozen or more countries in the order with a combined goods and services trade deficit, starting with China and including Mexico, Germany and Canada that run a surplus with the US. Let's not make this a China story. "China is just one of them".

"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.

The study also will examine the effects of trade deals that have failed to produced forecast benefits, Ross said.

While Trump has long argued that trade deficits imperil USA workers, Ross cautioned that they aren't necessarily all bad. The study will cover faulty trade deals, cheating by foreign competitors, currency misalignments and "constraints" imposed by the World Trade Organization, Ross told reporters at a White House briefing. Navarro said there are now roughly $2.8 billion in uncollected duties by US officials after it was determined a trading partner was violating trade rules.

Japanese billionaire Tadashi Yanai, whose Fast Retailing company owns the Japanese fashion outlet Uniqlo, said that he would abandon his existing United States stores and his plans for a USA expansion if the U.S. began penalizing retailers who import goods for resale.

Under the proposals being considered United States customs officials could impose more substantial bonding requirements at the border or examine products' risk.

Mr Trump tweeted on Thursday evening that his first meeting with the Chinese leader would "be a very hard one in that we can no longer have massive trade deficits. and job losses". For example, if China manufactures excess steel and tries to sell it at a discounted price in the United States, it could unfairly harm the USA steel industry.