Presidential Executive Order regarding Report on Significant Trade Deficits

Within 90 days of the date of this order, the Secretary of Commerce and the United States Trade Representative (USTR), in consultation with the Secretaries of State, the Treasury, Defense, Agriculture, and Homeland Security, and the heads of any other executive departments or agencies with relevant expertise, as determined by the Secretary of Commerce and the USTR, shall prepare and submit to the President an Omnibus Report on Significant Trade Deficits (Report).  To aid in preparing the Report, the Secretary of Commerce and the USTR may hold public meetings and seek comments from relevant State, local, and non-governmental stakeholders, including manufacturers, workers, consumers, service providers, farmers, and ranchers.  

The Report shall identify those foreign trading partners with which the United States had a significant trade deficit in goods in 2016.  For each identified trading partner, the Report shall

(a)  assess the major causes of the trade deficit,

(b)  assess whether the trading partner is, directly or indirectly, imposing unequal burdens on, or unfairly discriminating in fact against, the commerce of the United States by law, regulation, or practice and thereby placing the commerce of the United States at an unfair disadvantage;

(c)  assess the effects of the trade relationship on the production capacity and strength of the manufacturing and defense industrial bases of the United States;

(d)  assess the effects of the trade relationship on employment and wage growth in the United States; and

(e)  identify imports and trade practices that may be impairing the national security of the United States.

China accounted for most  of the total U.S. merchandise trade deficit in 2016.

The ASEAN countries listed accounted for 12.1%. Vietnam accounted for 4.4%

Below are some of the rankings

China — $579 billion traded with a $347 billion deficit.
Canada — $545 billion traded with a $11 billion deficit.
Mexico — $525 billion traded with a $63 billion deficit.
Japan — $196 billion traded with a $69 billion deficit.
Germany — $164 billion traded with a $65 billion deficit.
Vietnam – $52 billion traded with a $32 billion deficit
S Korea — $112 billion traded with a $28 billion deficit.

The Primary Trading Partners

The primary U.S. trading partners are China ($579 billion total trade), Canada ($545 billion), Mexico ($525 billion). The trade deficit with China is $347 billion. It’s responsible for 70 percent of the total U.S. deficit in goods. The other U.S. trading partners don’t create much of a deficit. To find out why, see Trade Deficit by Country.

Read more …

Presidential Executive Order regarding report on significant trade deficits,

U.S. Trade in Goods and Services

About the author  ⁄ AmCham Vietnam

AmCham is an independent association of companies with the objective of promoting trade and investment between Vietnam and the U.S. With two chapters, one in Ho Chi Minh City and one in Hanoi, our membership of 700 companies and 1,500 representatives is unified by a commitment to promote trade and investment between Vietnam and the United States.

No Comments

Leave a Comment