WASHINGTON (Reuters) – U.S. President Donald Trump is ordering federal agencies to “investigate and correct” persistent U.S. trade deficits and to address unfair trade practices and currency manipulation of other countries, according to a draft White House trade memo seen by Reuters insight and which stops short of ordering current new tariffs.
The memorandum, expected to be signed soon, also directs federal agencies to assess China’s performance under “Phase 1” of a trade deal it signed with Beijing in 2020 to end a nearly two-year-old tariff war. The deal called for China to increase its purchases of US exports by $200 billion over two years, but Beijing has been unable to meet the targets due to the COVID-19 pandemic.
“China’s compliance with this agreement will now be assessed to determine whether implementation or changes are required,” the memorandum said.
