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Trump to order trade abuses study, improve import duty collection
WASHINGTON (Reuters) - U.S. President Donald Trump will sign executive orders on Friday aimed at identifying abuses that are causing massive U.S. trade deficits and clamping down on non-payment of anti-dumping and anti-subsidy duties on imports, his top trade officials said.
The orders come as Trump prepares for his first face-to-face meeting with Chinese President Xi next week in Florida, where trade issues promise to be a major source of tension. China was the biggest contributor to the $734 billion U.S. goods trade deficit last year, and the meeting "will be a very difficult one" Trump said in a tweet.
The directives allow Trump to focus on meeting his campaign promises to combat the flow of unfairly traded imports into the United States...
...Commerce Secretary Wilbur Ross told reporters that one of the orders directs his department and the U.S. Trade Representative to conduct a major review of the causes of U.S. trade deficits. These include trade abuses such as dumping of goods below costs and unfair subsidies, "non-reciprocal" trade practices by other countries and currencies that are "misaligned."
Ross took pains to say that currency misalignment was not the same as manipulation, and only the U.S. Treasury could define currency manipulation. But he said in some cases, currencies can become misaligned from their traditional valuations unintentionally, citing the Mexican peso's sharp decline late last year after Trump's election....
..WTO RULES
The study also will examine World Trade Organization rules that Ross said do not treat countries equally, such as on taxation. The United States has long complained that WTO rules allow exports to be exempt from value-added taxes, but do not allow export exemptions from the U.S. corporate income tax.
The study also will examine the effects of trade deals that have failed to produced forecast benefits, Ross said.
The aim was to complete the study and report the findings to Trump in 90 days - a time frame that coincides with the expected start of negotiations to revamp the U.S.-Canada-Mexico North American Free Trade Agreement.
The study's findings will underpin the Trump administration's future trade policy decisions, Ross said, and will be the first "systematic analysis" of the trade deficit's causes, "country-by-country, product-by-product."..
President Trump continues to do more in his first few months in office for the American people than Obama did in 8 years. Awesome. #MAGA
WASHINGTON (Reuters) - U.S. President Donald Trump will sign executive orders on Friday aimed at identifying abuses that are causing massive U.S. trade deficits and clamping down on non-payment of anti-dumping and anti-subsidy duties on imports, his top trade officials said.
The orders come as Trump prepares for his first face-to-face meeting with Chinese President Xi next week in Florida, where trade issues promise to be a major source of tension. China was the biggest contributor to the $734 billion U.S. goods trade deficit last year, and the meeting "will be a very difficult one" Trump said in a tweet.
The directives allow Trump to focus on meeting his campaign promises to combat the flow of unfairly traded imports into the United States...
...Commerce Secretary Wilbur Ross told reporters that one of the orders directs his department and the U.S. Trade Representative to conduct a major review of the causes of U.S. trade deficits. These include trade abuses such as dumping of goods below costs and unfair subsidies, "non-reciprocal" trade practices by other countries and currencies that are "misaligned."
Ross took pains to say that currency misalignment was not the same as manipulation, and only the U.S. Treasury could define currency manipulation. But he said in some cases, currencies can become misaligned from their traditional valuations unintentionally, citing the Mexican peso's sharp decline late last year after Trump's election....
..WTO RULES
The study also will examine World Trade Organization rules that Ross said do not treat countries equally, such as on taxation. The United States has long complained that WTO rules allow exports to be exempt from value-added taxes, but do not allow export exemptions from the U.S. corporate income tax.
The study also will examine the effects of trade deals that have failed to produced forecast benefits, Ross said.
The aim was to complete the study and report the findings to Trump in 90 days - a time frame that coincides with the expected start of negotiations to revamp the U.S.-Canada-Mexico North American Free Trade Agreement.
The study's findings will underpin the Trump administration's future trade policy decisions, Ross said, and will be the first "systematic analysis" of the trade deficit's causes, "country-by-country, product-by-product."..
President Trump continues to do more in his first few months in office for the American people than Obama did in 8 years. Awesome. #MAGA
