With an aim to tackle ongoing concerns about trade abuses, U.S. President Donald Trump, on Friday, signed two executive orders.
As per the White House’s executive orders, U.S. Trade deficits will be reviewed comprehensively and a framework of the process of collecting import taxes on foreign exporters will be implemented.
This would “set the stage for a great revival of American manufacturing,” said Trump on two executive orders.
The president said that he visited different towns and cities during his campaign, which were “devastated by unfair trade policies, probably one of the major reasons I’m here today, trade.”
“Nobody has ever made bad trade deals like our country has made,” Trump said during remarks in the Oval Office.
Commerce department is ordered to take review about the reasons of U.S. trade deficits for next three months. Trade deficits have remained the main reason of stripped jobs and wealth in U.S., Trump argued.
“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’re going to defend our industry and create a level playing field for the American worker, finally,” Trump said.
For Trump’s ire on trade, China has remained the center. He also mentioned about a visit of Chinese President Xi Jinping’s to Florida next week.
“We’re going to get down to some very serious business,” Trump said.
“The meeting next week with China will be a very difficult one in that we can no longer have massive trade deficits,” Trump tweeted on Thursday. And, earlier on Friday, Wilbur Ross, Commerce Secretary, who is taking the lead on making large-scale report, said that he is hoping that investigation would definitely provide solution to U.S. on they can reduce deficits and increase their imports.