U.S. President Donald Trump signed two executive orders on Friday that would address violations of trade and customs laws and review significant trade deficits.
The President said he promised actions and solutions to the American people and they are now seeing solutions taking place all over the country. During his campaign, Trump promised to make a fair trade deal for the United States.
In his speech, Trump said, “Thousands of factories have been stolen from our country, but these voiceless Americans now have a voice in the White House. Under my administration, the theft of American prosperity will end.”
We are going to defend our industry and create a level playing field for the American workers. Today, I am signing two executive orders that send this message loud and clear, and that set the state for a great revival of American manufacturing.”
Trump noted a survey indicating that 93% of manufacturers are now optimistic the future. He promised to build on that momentum and bring manufacturing and jobs back to the United States.
Wilbur Ross will lead the review of trade deficits
According to him, his first executive order ensures that the government collects all duties imposed on foreign importers and those who break the rules would face severe consequences.
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. Commerce Secretary Wilbur Ross will lead the review.
Trump described Sec. Ross as an “outstanding success story, unbelievable businessman, a great and very fair negotiator.” He is confident that the Commerce Secretary would do a fantastic job.
“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. He also emphasized that he is not beholden to any financial or political interests. “, I am here to do a job for the American worker. I am not thinking of my business or anybody’s business. We’ll gonna get these bad trade deals straightened out,” he said.
Furthermore, the President said the “well-being of America and the American worker is my north star.”
Doubt about Trump’s resolve to fix trade deals would end
On the other hand, Secretary Ross told the American people that the two executive orders mark the beginning of a new chapter of the country’s trade relationship with its partners abroad.
He also stated that the orders would end any doubt regarding the President’s resolve to fix the trade problems.
In an interview with CNBC, Sec. Ross explained that under the first order, the Commerce Department would conduct a 90-day review of the causes of trade deficits country by country, product by product. Its findings would serve as a guideline for the government to develop trade policies going forward in a “very measured and analytical way.”
He added that when he took the job as Commerce Secretary, he was horrified to learn that the government failed to collect billions of dollars of duties that have been won after hard-fought cases. According to him, the second order provides authority to the Department to set bonds (letters of credit or insurance company bonds or letters) that would be put up by importers so that when the U.S. wins a case, there’s somebody who can pay the fines. The Department of Homeland Security’s (DHS) Customs and Border Patrol would collect the fines.
Sec. Ross pointed out that The U.S. has the largest trade deficit with China.
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