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US President Donald Trump to examine trade imbalances with over 15 countries, including China and India

Trump has signed executive orders to address UsA's increasing imbalanced trade deficit

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Washington, Mar 31, 2017: US President Donald Trump is again ready to take actions regarding South Asia, especially India and China.He has signed executive orders instructing his administration to examine the cause of trade imbalances with over 15 countries, including China and India.

As Donald Trump is soon to meet his Chinese counterpart Xi Jinping,it is being assumed that the prime target of these orders is China. However, Commerce Secretary Wilbur Ross, during his interaction with White House reporters, insisted that the executive order expected to be signed today is not just about China.

It is about all major countries with which the United States has significant trade deficit.
Having a look at statistics, The US has a massive trade deficit of USD 347 billion with China, followed by Japan (USD 68.9), Germany (USD 64.9), Mexico (USD 63.2 billion), Ireland (USD 35.9 billion) and Vietnam (USD 32 billion)and India(USD 24 billion).
“This is not meant to say that everybody on this little list is an evil doer. That’s not the case,” Ross said, noting that China is the number one source of trade deficit.

As per the executive order, Ross said President would instruct the Department of Commerce and the US Trade Representative to review and report back to him within 90 days on actionable items to reduce the trade deficits, mentioned PTI.

Echoing similar views, Peter Navarro, Director of White House National Trade Council, said, “Nothing we’re saying tonight is about China. Let’s not make this a China story. This is a story about trade abuses.”
“This is a story about under-collection of duties, this is a story about 40 countries that basically subsidise their products and send them into our country or dump their products, and this is about collecting those products and defending American workers and manufacturing,” Navarro said.

According to Navaro, USD 2.8 billion in import taxes imposed against violators of US anti-dumping laws have gone uncollected since 2001.

“For the first time, we’re looking at what’s been the source of the large and persistent trade deficit that has contributed to job losses,” he said.

-prepared by Nikita Tayal of NewsGram Twitter @NikitaTayal6

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Donald Trump Negotiates Trade Deal With Japan

Trump to negotiate the trade deal with Japan

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Donald Trump is the President of U.S.
FILE IMAGE- Donald Trump

The US President Donald Trump announced on Wednesday he is negotiating a bilateral trade agreement with Japan and that his country would only re-enter the Trans-Pacific Partnership (TPP) if its member countries offered him a deal he could not refuse.

“I don’t want to go back into TPP. But if they offered us a deal I can’t refuse on behalf of the US, I would do it. In the meantime, we are negotiating, and what I really would prefer is negotiating a one-on-one deal with Japan,” Donald Trump said at a press conference with Japanese Prime Minister Shinzo Abe.

However, Abe stressed his country’s position towards the TPP, saying that it “is the best for both countries,” although he acknowledged the US’s interest in a bilateral trade deal, Efe reported.

Trump said that should his country reach a trade agreement with Japan, there will be talks about the possibility of ending tariffs on steel and aluminum imports, a move that Washington introduced in March to a number of countries, including Japan.

Donald Trump and Shinzo Abe.
U.S. President Donald Trump and Japanese Prime Minister Shinzo Abe.

Trump added that his primary concern at the moment is the “massive” trade deficit with Japan, which amounted to “from $69 billion to $100 billion a year.”

In fact, the trade deficit with Japan last year stood at $69 billion, far from the $100 billion that the US President claimed, according to the official figures by the US Department of Commerce.

The two leaders made these announcements in a joint press conference at the tycoon’s private club Mar-a-Lago in Palm Beach, Florida, where Abe arrived on Tuesday to have meeting with Trump on his four-day visit to the US.

Also Read: China And Russia Accused of Manipulating Their Currencies By Trump

Last week, the White House announced that Trump had asked the US foreign trade representative Robert Lighthizer and the economic adviser Larry Kudlow to “take another look at whether or not a better deal (with the TPP) could be negotiated.”

However, Trump has shown little interest in negotiations that would further complicate the matter, since the other 11 countries that negotiated the original TPP, with the then Barack Obama administration, have already signed their own multilateral deal, the so-called Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), or TPP-11.

Shinzo Abe
FILE IMAGE- Shinzo Abe.

On the other hand, during this four-day visit Abe has a special interest in getting an exemption for Japan from the 10 per cent and 25 per cent tariffs that the Trump administration imposes on aluminum and steel imports, respectively.

Trump has granted a temporary exemption until May 1 to Argentina, Australia, Brazil, Canada, Mexico, South Korea and the European Union.

Also Read: White House Denies Any Direct Talks Yet Between Trump And Kim

Japan has been left out of the exempted countries despite being one of the US’s major allies, and for that reason Abe is trying to make use of his visit to secure a place on that list, although Japan barely produces aluminum and the amount of steel exported to the US stands at only around 5 percent of its total steel exports.  IANS