China: US trade orders should respect international rules

by admin on April 1, 2017

In order to protect domestic manufacturers and “American Workers”, the US Customs and Border Protection Agency, which has a mechanism for detecting such transactions, imposes penalties on malicious dumping practices.

Trump has floated punitive tariffs on Chinese imports, as well as a more ambitious overhaul of the entire U.S. tax policy which would heavily penalise all imports in an effort to “reshore” manufacturing jobs.

Throughout his presidential campaign, Mr Trump vowed to put America’s trading relationship with the world on a more advantageous basis and put “America first”. “Nobody has ever made bad trade deals like our country has made”, Trump said. Some experts say the orders suggest the president may be taking a softer tack on trade.

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In another executive order signed by Donald Trump, the Department of Commerce and the Office of USTR (US Trade Representative) have been asked to submit, within 90 days, a comprehensive report on the causes of USA’s $700 billion trade deficit.

“This is especially a problem in countries whose governments subsidise exports into our country. Thank you very much”. The U.S. imported $2.712 trillion worth of goods in services while exporting $2.212 trillion.

Commenting on this marked difference in tone, Viktor Supyan, deputy director of the Institute for USA and Canadian Studies, an influential think tank under the Russian Academy of Sciences, told Sputnik that both countries’ grand strategies were pretty clear. Ultimately, it could mean more jobs or job security in American manufacturing, but higher prices on goods across the nation. Gabriel told German newspaper “Rheinische Post” that Trump’s executive orders signaled the USA government “is ready to favor American companies, even if it contradicts global law”.

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However, China maintains that the China-US trade imbalance is mostly the result of differences between the economic structures and development stages of the two countries. Ross also named India down the line with a trade deficit of USA $24 billion.

“Although China is running a surplus with the U.S. in trade in goods, we have a deficit in trade in services”.

Other countries mentioned in the list were Italy, South Korea, Malaysia, Thailand, France, Switzerland, Taiwan, Indonesia and Canada. “Those should all be very concerning”, he said in response to a question. As for the U.S. trade deficit with Germany, Germany’s Federal Statistics Office says the deficit almost doubled in the previous decade from 28.8 billion euros in 2006 to 49 billion euros in 2016. “And, in some cases, it will simply be that they are better at making the product or can do it far cheaper than we can”, Ross said.

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