Update:
After a very quick statement from President Trump, who vowed that “from now on, those who break the rules will face consequences,” Wilbur Ross, Peter Navarro and Vice President Pence also made brief statements to the press regarding the new administration's executive orders on trade. Here were the key headlines:
- TRUMP VOWS LEVEL PLAYING FIELD FOR U.S. WORKERS
- TRUMP SAYS WILL INVESTIGATE ALL TRADE ABUSES
- TRUMP: WILL GET `BAD TRADE DEALS STRAIGHTENED OUT'
- TRUMP SAYS WILL GET DOWN TO SERIOUS BUSINESS AT CHINA MEETING
- TRUMP ACTION CALLS FOR EXAMINATION OF TRADE-DEFICIT CAUSES
- TRUMP ACTION STRENGTHENS ENFORCEMENT OF ANTI-DUMPING PENALTIES
As a recap, the President signed two executive orders on trade today. One directive orders a review of all U.S. trade deficits with other countries and Commerce Secretary Wilbur Ross has said the country-by-country, 90-day assessment would be used to guide trade policy. Meanwhile, the other order aims to strengthen enforcement of existing countervailing duties and anti-dumping penalties against foreign products.
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One week ahead of his highly anticipated first meeting with Chinese President Xi Jinping next week at Mar-A-Lago, Trump took to twitter yesterday to set a fairly aggressive tone on trade discussions, saying "we can no longer have massive trade deficits and job losses. American companies must be prepared to look at other alternatives."
"The meeting next week with China will be a very difficult one in that we can no longer have massive trade deficits and job losses. American companies must be prepared to look at other alternatives."
The meeting next week with China will be a very difficult one in that we can no longer have massive trade deficits...
— Donald J. Trump (@realDonaldTrump) March 30, 2017
...and job losses. American companies must be prepared to look at other alternatives.
— Donald J. Trump (@realDonaldTrump) March 30, 2017
In just a few moments, Trump is set to sign a pair of executive orders which will initiate a 'yuge' review of America's trade deficits and look to impose restrictions on countries that perpetually "cheat on trade", as the President would say. Per CNN:
President Donald Trump on Friday will make the next move in his bid to reshape US trade policy, signing two executive orders aimed at combating foreign trade abuses that contribute to the US's half-trillion-dollar trade deficit.
Trump's executive orders will initiate a large-scale review of the causes of the US's trade deficits with some of its largest trading partners and order stricter enforcement of US anti-dumping laws to prevent foreign manufacturers from undercutting US companies by selling goods at an unfair price. They show the administration's ongoing efforts to shift toward policies aimed at bolstering US manufacturing and making good on Trump's campaign rhetoric decrying other countries for taking advantage of the US's free trade policies.
Tune in below for the Friday fireworks: