Published: Mon, April 03, 2017
Markets | By Lucia Cruz

Trump to sign executive orders targeting trade abuses

Trump to sign executive orders targeting trade abuses

The first of the two orders Trump signed calls for completion of a large-scale report to identify "every form of trade abuse and every non-reciprocal practice that now contributes to the US trade deficit", said Commerce Secretary Wilbur Ross.

The one of the orders focuses on a major review of the reasons behind USA ever-growing deficit, as the other addresses issues of related to antidumping and countervailing duties.

The announcement, which would come just days ahead of Trumps first meeting with his Chinese counterpart Xi Jinping, is widely seen as targeting China.

"While other countries talk about free trade, they actually are far more protectionist than we are", Commerce Secretary Wilbur Ross told reporters.

However, Ross said the presence of a deficit does not necessarily mean that retaliatory or remedial action would be taken.

"We are going to investigate all trade abuses, and based on those findings we will take necessary and lawful actions to end those many abuses", said Trump.

A White House official said Trump signed the measures later.

The order, Trump said, would "ensure that we fully collect all duties imposed on important importers that cheat". It has repeatedly expressed its apprehensions against US' anti-dumping laws and Trump has repeatedly accused the country of hurting the USA economy through unfair trading practices.

"We can no longer have massive trade deficits and job losses".

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According to reports, China is considered the largest source of the US' trade deficit.

Donald Trump is expected to sign Executive Orders today, to launch a study into these alleged unfair practices and perhaps ordering the collection of duties from countries identified as selling products into the USA at low prices.

"President Trump carried OH largely on his promises to correct this massive job outsourcing and huge trade imbalance that has hammered Ohio's workers and businesses since NAFTA's passage", she noted.

The second executive order required a comprehensive review of America's trade deficits and all violations of trade laws that harm the country and its workers.

The U.S. has its highest trade deficit with China at $347 billion past year.

Gabriel said the U.S. seemed prepared to give USA companies "unfair competitive advantage" over European producers, even though this violated global trade legislation.

As a result of the first executive order, the Commerce Department and U.S. trade representative will compile a thorough accounting of the US's trade deficits with its top trading partners within 90 days.

To remedy the problem, the government will require those firms to provide letters of credit or cash or insurance company bonding so that there is a responsible party when the fine is levied, Ross said.

Trump's aides insist the timing is coincidental, but the administration is touting the moves as evidence of it taking an aggressive but analytical approach to closing a trade gap that is largely due to the influx of goods from China.

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