Trump to order trade abuses study, improve import duty collection
Apr 01 2017
President Donald Trump, leaves after speaking but before signing executive orders regarding trade in the Oval Office at the White House, Friday, March 31, 2017, in Washington.
India is the 9th biggest trading partner of the U.S and India had a trade surplus of around $26 billion with the U.S, in goods trade alone previous year.
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. China, the largest source of the US's trade deficit, has repeatedly run afoul of the US' anti-dumping laws, and Trump has repeatedly accused the country of hurting the United States economy through unfair trading practices.
Commerce Secretary Wilbur Ross has vowed to toughen anti-dumping enforcement, including initiating cases from his office rather than waiting for companies to file a complaint, which has been the practice.
"We are the freest trading nation in the world". "We have been for decades".
"The meeting next week with China will be a very hard one", Trump tweeted.
China was the biggest contributor to the US$734 billion (S$1 trillion) United States goods trade deficit a year ago, and the meeting "will be a very hard one" said Mr Trump in a tweet.
"American companies must be prepared to look at other alternatives", he added.
The Trump White House would like you to forget the healthcare fiasco last week and focus now on trade, as in America-first trade.
The half trillion-dollar deficit slightly increased from 2015, according to the Commerce Department.
The president then allowed for remarks by other administration officials.
However, China for many months has been intervening in currency markets to prop up the renminbi, contrary to the administration charges.
But still, China's alleged trade abuses of the United States were a key campaign complaint. A trade surplus occurs when a country exports more than it imports from another country. Because Germany uses the euro, it can not directly impact the exchange rate.
Top Trump administration officials insisted there was no connection between the orders and the upcoming meeting. Although the 12-nation pact faced stiff opposition in both parties, trade experts worry that, without a coherent strategy, withdrawing from the agreement cedes influence in the region to China. China is a primary source of steel dumping in the USA, which has disrupted the domestic market for steel and hurt U.S. steel manufacturers.
As with NAFTA, Trump has been highly critical of the World Trade Organization and what he calls unfair treatment of the USA, even though Washington has a very successful track record of winning complaints brought against other countries, especially China.
The U.S. and Canada enjoy by far the world's largest bilateral economic relationship, with almost $2 billion dollars a day in trade crossing the border and billions of dollars in investments by both nations in the other.