Trump signs executive orders to ramp up trade enforcement

Updated 2017-04-01 10:31:01 Xinhua

U.S. President Donald Trump on Friday signed two executive orders in order to ramp up trade enforcement.

In one of them, Trump required the commerce secretary and the U.S. trade representative to prepare a report within 90 days, assessing the practices of U.S. trading partners contributing to the 500 billion U.S. dollars trade deficit the United States had in 2016 on a country-by-country and product-by-product basis.

Commerce Secretary Wilbur Ross told local media that the report will form the basis for further actions by the Trump administration to tackle bilateral trade imbalances.

He said that the results of the report could lead the administration to find solutions about how to reduce trade deficits by increasing U.S. exports.

The second order aims to improve collection of anti-dumping and countervailing duties. It said that, as of May 2015, about 2.3 billion dollars in anti-dumping and countervailing duties owed to the U.S. government remained uncollected.

The order also directs the Department of Homeland Security to better combat violations of U.S. trade and customs laws and enable enhanced seizure of counterfeit and pirated goods.

The Trump administration's approach to tackling bilateral trade imbalances has received widespread criticism from economists.

Gary Hufbauer, a trade expert with the Peterson Institute for International Economics, said that the United States runs an overall trade deficit with the rest of the world because the combined net savings of the U.S. households, businesses and government sectors are negative, and the dollar is persistently overvalued in foreign exchange markets.

Hufbauer considered Trump administration's approach to the bilateral trade balance as a display of mercantilist doctrines, adding that a trade balance makes little economic sense as a guide to trade policy in the 21st century, nor as a focal point for shrinking the U.S. trade deficit.

Also in the News

Nicole Kidman Recalls Oscar Glory: Loneliest Time
Showbiz2016/06/16 13:58July 22 2018 12:57:08

Nicole Kidman Recalls Oscar Glory: Loneliest Time

Attending Shanghai International Film Festival, Nicole Kidman talks about her role in "Grace of Monaco".

Labor Day Travel Peak Starts
Also in the News2014/05/01 12:16July 22 2018 12:57:08

Labor Day Travel Peak Starts

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'
Also in the News2014/04/18 13:18July 22 2018 12:57:08

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'

Hollywood star Johnny Depp's speech in the upcoming new film "Transcendence" has been disclosed on Friday, April 11th.

Most Watched

China World Business Sports Showbiz Audio
C4 My Chinese Life The Sound Stage China Revealed Showbiz Video Travel Video
China World Fun Travel Entertainment Sports
Beijing Shanghai Guangzhou
Live Music Opera & Classical Movies Traditional Shows Exhibitions
Learn Chinese:
Chinese Studio Living Chinese Everyday Chinese Just For Fun Chinese Culture Buzzwords