Washington, April 1: US President Donald Trump on Friday signed two executive orders to ramp up trade enforcement. In one of them, Trump required the commerce secretary and the US trade representative to prepare a report within 90 days, assessing the practices of US trading partners contributing to the $500 billion trade deficit the US had in 2016 on a country-by-country and product-by-product basis.
Commerce Secretary Wilbur Ross was quoted by Xinhua news agency as saying 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 US 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 in anti-dumping and countervailing duties owed to the US government remained uncollected. The order also directs the Department of Homeland Security to better combat violations of US 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 US runs an overall trade deficit with the rest of the world because the combined net savings of the US 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 US trade deficit.
Related Post
Trinidad Tobago Prime Minister in Mumbai to Promote Bi-Lateral Relations and Open a Cricket Academy in Trinidad
Prime Minister of Trinidad and Tobago, Dr Keith Christopher Rowley, and his wife, Sharon Rowley, were accorded a ceremonial reception…
Seminar on Management Accounting Focuses on the Evolving Landscape of Management Accounting
The national seminar “Navigating the New Frontier: Management Accounting in the Era of Real-Time Insights, Sustainable Growth, and Cybersecurity,”…
First Marathi Book’s 200th Print Edition by Ex-RBI Luminary Released
In a significant event this weekend, Maharashtra Governor Ramesh Bais released the 200th special edition of the book ‘Aamcha Baap…
Middle East Weekly Round Up
FedEx Opens Advanced Sustainable Logistics Hub in Dubai Boosting the UAE’s Green Economy Goals, FedEx Express has unveiled a cutting-edge logistics hub at…
Diwali Festival
Diwali, celebrated in Mumbai with great enthusiasm, illuminates the city with vibrant lights, symbolising the triumph of light over darkness.…
Special News
-
Janet Bray Attwood – A Passion Pioneer
December 27, 2023 -
Balattan leaves behind legions of admirers
October 12, 2021 -
Eulogy to a marketing colossus
August 30, 2021 -
Unsung warriors Mumbai Customs
July 13, 2021 -
Adieu to a top bureaucrat
July 11, 2021 -
New CBI chief can uncage the parrot
June 1, 2021 -
Shirley Pillai Saviour for school kids
May 30, 2021 -
BMC s Chahal Beacon of light in a crisis
May 23, 2021 -
Indu Jain an icon for all ages
May 19, 2021 -
Leela an Invaluable Name and a Unique Brand
May 18, 2021
Top News
-
Masdar, EGA form Alliance for Low-Carbon Aluminium
April 22, 2024
Middle East Weekly Round Up
May 16, 2024
Diwali Festival
May 14, 2024