Secretary of Commerce tells how America will end trade deficit

Colin Fredericson
By Colin Fredericson
April 13, 2017US News
share
Secretary of Commerce tells how America will end trade deficit
WASHINGTON, DC - March, 1, 2017: First day of United States Department of Commerce Secretary Wilbur Ross. (Photo by Jay Premack/Department of Commerce)

Secretary Of Commerce Wilbur Ross spoke at the White House about plans to shrink America’s trade deficit under President Trump’s economic outlook. Ross stressed how America has been much too lenient with trading partners, and has allowed other countries to take advantage of America.

He spoke about the imbalance that needs to shift.

“The United States is the least protectionist country in the world but has the largest trade deficit, while other countries are highly protectionist and have huge trade surpluses.  This cannot continue. We can no longer afford to be ignorant or naive in the aggressive global marketplace, and there is no reason why we should be forced to singlehandedly absorb the $500 billion trade surplus of the rest of the world.”  

Wilbur specifically named China as one of the countries hurting the U.S. with unfair trade practices.

“In our short time in office, Commerce has opened investigations into dumping or unfair subsidization of over $1 billion dollars of aluminum and metal imports from China and other countries; progressed in investigating over $14 billion in dumped or illegally subsidized imports of steel, chemicals, and other products into the United States; and issued final determinations and imposed duties on imports of steel and other products valued at over $2 billion, including steel from China.”

Wilbur stressed how the government will meticulously analyze the products and trade practices at issue, and itemize what needs to happen to correct all trade imbalances and unfair practices, and set the American trade landscape on a new course.

Our message is simple – the games are over, and improper treatment of the United States will no longer be tolerated.  We will approach future negotiations and actions with a clarity of purpose guiding us as we work to establish both free and fair trade.”00

ntd newsletter icon
Sign up for NTD Daily
What you need to know, summarized in one email.
Stay informed with accurate news you can trust.
By registering for the newsletter, you agree to the Privacy Policy.