Trade deals

AD: Is the US Trade Deficit Sustainable?

As President Trump first took office the total U.S. trade deficit was $566 billion. What will Trump do to attempt to cut the trade deficit? 

*UPDATE:  The U.S. trade deficit narrowed to USD 49.3 billion compared with market expectations of a USD 54 billion gap. 

1/23/17: President Trump signed an executive order withdrawing US from TPP trade deal. Like Hillary Clinton stated, President Trump also expressed he was not in favor of The Trans-Pacific Partnership. There are several reasons why they believe TPP is not a good trade deal for America. The United States lost 5 million manufacturing jobs between January 2000 and December 2014 and our current trade deficit is close to $500 billion annually (3% of our GDP) due to poor trade deals such as TPP. 

3/31/17: Presideng Trump signs an executive order regarding the omnibus report on significant trade deficits. The order directs the Commerce Department and U.S. Trade Representative to compile a report on trade practices that contribute to the trade deficit. The report will look at each of America's trade partners and assess whether the country's trade practices unfairly discriminate against the U.S.

6/1/17: President Trump pulled the U.S. out of the Paris Climate Agreement citing he was elected to represent "the citizens of Pittsburgh, not Paris' and stating "This agreement is less about the climate and more about other countries gaining a financial advantage over the United States.". We believe this was the right decision based on the following facts.
1: Trump kept another campaign promise by abiding by his "America First" mantra
2: U.S. would begin negotiations to re-enter either the Paris accord or a new treaty on terms that are better for American businesses and taxpayers.
3: When President Obama joined the Paris Accord he never sent the agreement to the Senate for ratification. There was good reason for that: it wouldn’t have been ratified by the Republican majaority senate.
4: The agreement called for America to reduce emissions and pay $3 billion a year to countries like China and India who were not required to reduce their emissions until 2030.
5: The agreement, although would ultimately cost America trillions of dollars, would have essentially no impact – postponing warming by less than four years by 2100 and by a grand total of just three tenths of one degree (0.023 degrees Fahrenheit).
6: The Paris agreement would potentially stop the creation of new American jobs. The caps asked America to cut it's energy industry, which would result in a loss of energy jobs.
7: Minutes after Trump pulled out of the agreement, local mayors and businesses around the country stated they would continue to work to cut emissions. Which raised the question "Then why would the federal government need to be in the Paris Climate Agreement"
8: The trillions of dollars spent on an international agreement that would have near zero results would be much better spent on fighting diseases, American infrastructure and grants to local governments who push greener living.
9: In 2017, after pulling out from the TPP, reports showed the U.S. having a 67 year low in CO2 emissions.

7/10/17: President Donald Trump celebrated America's latest sugar deal, calling it "a very good one for both the U.S. and Mexico." The agreement reduces the amount of refined sugar Mexico can export to the U.S. and sets a new minimum price that Mexican sugar can be sold for. The American Sugar Alliance, a coalition of U.S. sugar producers. had previously accused Mexico of predatory trade practices and thanked Trump for "supporting sugar farmers and defending jobs."​

7/12/14: After 14 years, U.S. beef hit the Chinese market. The new trade deal was dubbed an 'exciting opportunity' for agriculture​. It has been the first shipments of U.S. beef to China since 2003 after officials sealed a long-sought trade deal this month.

​8/23/17: Keeping true to one of his top campaign promises, Trump signed an executive orderto explore trade investigation of China. 

9/27/17: The U.S. government moved to impose tariffs high as 219% on Canadian-made jetliners when it ruled in favor of a complaint by U.S. aircraft maker Boeing that claimed rival Bombardier is receiving unfair government subsidies.

10/6/17: After months of President Trump scolding NATO allies for not spending enough on defense, NATO has reached an agreement to increase allied funding for counterterrorism programs. Under the deal NATO will spend an additional $12 million to $24 million on counterterrorism in 2018.

11/10/17: While on his Asian tour (longest Asian trip by a U.S. President since 1992) Trump said in his Vietnam speech the U.S. "will not tolerate" trade abuses and lashed out at "unfair practices." Trump said he did not blame countries for "taking advantage" of the U.S. in trade deals, for that is their job, but he said it will no longer happen. He said the U.S. "did not do their job, but I will."

​12/21/17: US current account trade deficit drops 19.2% in the thrid quarter.

​1/22/18:  Trump approved duties of as much as 30% on solar equipment made abroad. U.S. panel maker First Solar Inc. jumped 9% to $75.20 in after-hours trading. American based manufacturers stand to gain as costs for competing, foreign panels rise.

​3/3/18: Trump announces the U.S. will institute steel and aluminum tariffs. The U.S. will set tariffs of 25% for steel and 10% for aluminum, the president said. It will apply the tariffsbroadly, without targeting specific countries, and not impose quotas. "People have no idea how badly our country has been treated by other countries. By people representing us who didn't have a clue," Trump said, arguing that trade trends "destroyed" American steel and aluminum industries.

​3/9/18: Trump signs aluminum and steel tariff . New tariffs of 25% on imported steel and 10% on aluminum will go into effect in 15 days, but Canada and Mexico will be spared from the start.

​3/20/18: Trump slams China with $60 billion in new trade tariffs

​3/27/18: The United States and South Korea have reached an agreement to overhaul the six-year-old U.S.-Korea Free Trade Agreement. President Donald Trump had called the original Korea pact a job killer.

​4/10/18: After President Trump threatened China with more tariffs, China announced it would cut tariffs on American autos imported into China. 

​4/26/18: The trade deficit in goods narrowed 10.3% to $68 billion.

5/20/18: China has agreed to buy more US goods and services, reducing the U.S. trade imbalance with China.

​5/29/18: Trump announced he would proceed with its proposal to impose 25% tariffs on $50 billion worth of goods from China, and place new limits on Chinese investments in US high-tech industries.

​5/31/18: President Trump imposed steep metal tariffs on Canada, Mexico and the European Union. They will be subject to a 25% tariff on steel and a 10% tariff on aluminum.

6/7/18: The Trump administration stuck a deal with Chinese telecom ZTE to let the company do business in the U.S.  on one condition. China’s ZTE will need to pay a $1 billion penalty and will embed a U.S.-appointed compliance team. Is the US Trade Deficit Sustainable?

7/6/18: : US trade deficit shrinks to lowest level in 19 months.

7/25/18: President Trump extracted a zero-tariff agreement from the European Union. An unprecedented agreement.

8/15/18: Between March 23 and July 16, the U.S. collected $1.4 billion from levies on foreign imports of steel and aluminum.

8/27/18:  President Trump announces his new trade deal between the U.S. and Mexico, replacing NAFTA

9/17/18:  President Trump will put 10% tariffs on $200 billion in Chinese goods, which will go up to 25% at the end of the year.

10/4/19: Another historic achievement for the President in trade deals. This time he negotiated a new NAFTA agreement. The new agreement between US, Canada, and Mexico is bow called USMCA. Trump tweeted "Late last night, our deadline, we reached a wonderful new Trade Deal with Canada, to be added into the deal already reached with Mexico. The new name will be The United States Mexico Canada Agreement, or USMCA. It is a great deal for all three countries, solves the many deficiencies and mistakes in NAFTA, greatly opens markets to our Farmers and Manufacturers, reduces Trade Barriers to the U.S. and will bring all three Great Nations together in competition with the rest of the world. The USMCA is a historic transaction!"

10/17/18:  The Trump administration will withdraw from a 144-year-old postal treaty, claiming the treaty gives countries like China and Singapore an unfair advantage and floods U.S. markets with cheaper e-commerce packages. 

1/18/19: China offers to go on six-year buying spree to eliminate the U.S. Trade imbalance.

2/20/19:  The U.S. trade deficit narrowed to USD 49.3 billion compared with market expectations of a USD 54 billion gap.  

2/27/19:  President Trump visited Vitenam and negotiated to reduce the US trade imbalance as Vietnamese carriers signed deals to buy Boeing jets and technologies valued at more than $20 billion.