Published: Mon, April 03, 2017
Markets | By Terence Owen

President ordering an end to trade abuse

President ordering an end to trade abuse

Lets not make this a China story.

"These actions are created to let the world know that this is another step in the president fulfilling his campaign promise to (tackle trade abuses)", Ross said.

President Donald Trump signed a pair of executive orders Friday focused on reducing the trade deficit just days before he holds his first meeting with his Chinese counterpart.

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".

Trump said that once his trade policies are in full effect, "the theft of American prosperity will end". In some cases, for instance, the US simply can't produce enough of a product to meet domestic demand.

Spicer also said countervailing duties were put in place to address the problem of other countries "dumping undervalued goods" into United States markets, which makes it "impossible" for homegrown businesses to compete with "artificially low prices".

He said they would look for evidence of cheating, inappropriate behavior and trade deals "that have not lived up to their promises".

Although Japan is the fourth-largest market for US agricultural products, the United States is unhappy with market access to the country, the report said, citing "high tariffs" on grains, sugar, citrus, wine, dairy and a variety of processed foods.

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This may be an acknowledgement that any meaningful progress with China could be slow, said David Dollar, a former World Bank and U.S. Treasury Department official. That is below the global average, but it's still higher than countries in the European Union such as Germany and France, as well as Singapore and Hong Kong, which both have average rates of zero.

In a second executive order, Trump is to tell the administration to look at ways the United States can better recover trade duties on products that are subsidized by foreign governments or dumped on the U.S. market.

"The reason they have never been collected is because foreign exporters are very clever in setting up shell companies here so when the fine is levied there is no way to collect", Ross said. The order will establish more effective bonding requirements, among other measures.

On Thursday, Trump tweeted that "the meeting next week with China will be a very hard one in that we can no longer have massive trade deficits".

In a sign of brewing unease, Germany on Friday protested over planned United States punitive anti-dumping duties on steel plate products from companies in that country and half a dozen others.

But Navarro declined to comment, insisting, "We're not here for tweets".

As Trump walked away from the lectern, a reporter called out a question about Flynn, asking the president if a tweet he'd sent earlier in the day was "trying to tell the Justice Department to grant immunity to Michael Flynn" to testify before congressional committees investigating Russian involvement in the Trump campaign.

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