Trump to sign executive orders targeting trade abuses

US President Donald Trump is to issue a pair of executive orders aimed at rooting out the causes and culprits behind America's trade deficit

President Donald Trump listens during a meeting with the National Association of Manufacturers, Friday, March 31, 2017, in the Roosevelt Room of the White House in Washington.

During the campaign Trump promised to get tough on trade with China, and to call out China for currency manipulation.

However, Ross said the presence of a deficit does not necessarily mean that retaliatory or remedial action would be taken. That's not quite how things usually work, considering Trump likes to have the press take photos of him signing executive orders.

The orders were signed days before Trump is scheduled to meet with the president of the country he most frequently blames for trade abuses: China's Xi Jinping.

"Needless to say the No. 1 source of deficit is China with some $347 billion, Japan with $69 billion, Germany $65 billion, Mexico $63 billion, Ireland $36 billion, Vietnam $32 billion, Italy $28 billion, South Korea $28 billion, Malaysia $25, India $24, Thailand $19, France $16, Switzerland $14, Taiwan $13, Indonesia $13, Canada $11", he said.

Talking to White House reporters, Commerce Secretary Wilbur Ross insisted that the executive orders were not just about China. Lets not make this a China story.

The second order aims to improve collection of anti-dumping and countervailing duties.

U.S. President Donald Trump on Friday will sign two executive orders aimed at combating foreign trade abuse which contributes to the country's half-trillion-dollar trade deficit.

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

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".

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Trump made his latest move Friday in his effort to reshape United States trade policies and address the US' half-trillion-dollar trade deficit. In some cases, for instance, the US simply can't produce enough of a product to meet domestic demand.

After 90 days, the Commerce Department will report to Trump its findings with details about countries contributing to the United States trade deficit, Ross stated.

When Trump says that the US has a trade deficit, it means that the total worth of all goods purchased and brought into the country is greater than the worth of those sold to other nations.

The president explained that there would also be a plan to collect the taxes imposed on foreign exporters who broke trade rules. The order will establish more effective bonding requirements, among other measures.

"From now on those who break the rules will face the consequences, and there will be very severe consequences", Trump said announcing two executive orders in the Oval Office.

A day earlier he had identified 16 major countries with which the United States has significant trade imbalances, while noting that the communist nation was the number one source of the deficit.

Germany protested over planned U.S. punitive anti-dumping duties on steel plate products from companies in that country and six others.

One will commission a 90-day study of the US' trade deficits with some of its largest trading partners to identify potential trade abuses and cheating.

The trade gap reached a record level since 2012 a year ago, though the imbalance remains below its previous high in 2006. Research a year ago by academic economists, including David Autor of the Massachusetts Institute of Technology, found that China's emergence hurt some communities and they have yet to fully recover.

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