Trump to sign executive orders targeting trade abuses

President Donald Trump awaits the arrival of Danish Prime Minister Lars Lokke Rasmussen at the White House in Washington Thursday

And the actions Trump will take Friday won't target China as a currency manipulator, an action Trump promised he would take during the campaign.

The orders marked Trump's latest attempt to follow through on his campaign rhetoric decrying other countries for taking advantage of the US' trade policies.

The one of the orders will focus on a major review of the reasons behind U.S. ever-growing deficit, as the other will address issues of related to antidumping and countervailing duties.

While economists concede the benefits of trade can be uneven, they argue the job losses that Trump blames on trade pacts can largely be attributed to automation.

"Thousands of factories have been stolen from our country". Trump appears to gesture that he wants the orders to be brought to him so Pence then goes to the desk and picks up the orders so the commander in chief can sign them in another room.

"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".

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Gary Hufbauer, a trade expert with the Peterson Institute for International Economics, said that the United States runs an overall trade deficit with the rest of the world because the combined net savings of the USA households, businesses and government sectors are negative, and the dollar is persistently overvalued in foreign exchange markets.

Head of the World Trade Organization Roberto Azevedo said there was a need for clarity on U.S. trade policy, to see how public declarations translate into policy.

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

Spicer also said countervailing duties were put in place to address the problem of other countries "dumping undervalued goods" into United States markets, which makes it "impossible" for homegrown businesses to compete with "artificially low prices".

"The report will demonstrate the administration's intention not to hip-shoot, not to do anything casual, not to do anything abruptly, but to take a very measured and analytical approach", he said.

Ross said the review would provide the administration with a clearer picture of who is abusing the system by engaging in unfair trade practices.

Trump signs executive orders to stop trade abuses ahead of Xi visitThe Trump administration is cracking-down on trade abuses as the U.S. President signed a pair of executive orders that could strain relations between the world's two biggest economies.

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"It is hard to predict and speculate about what U.S. trade policy will be".

Trump portrayed the U.S.as losers in worldwide trade throughout his presidential campaign, but economic theory is split over whether maintaining a trade deficit is harmful. Ultimately, it could mean more jobs or job security in American manufacturing, but higher prices on goods across the nation.

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

Ross said results could produce action against unfair trade practices before the 90-day period is up, reported The Hill.

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

To remedy the problem, the government will require those firms to provide letters of credit or cash or insurance company bonding so that there is a responsible party when the fine is levied, Ross said. 'From now on those that break the rules will face the consequences, and there will be very severe consequences'.

Trump administration officials have said they plan tougher enforcement of US trade remedy laws and will initiate more unilateral trade deals.

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"Today's executive orders are an attempt to divert attention from the fact that the Trump administration now has no plan for making America more competitive or helping American workers", said Ways and Means Committee Ranking Member Richard Neal (D-Mass.).

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