- Background and Trade Deficit Concerns: The U.S. has one of the most open economies, yet experiences significant trade deficits due to unfair trading practices by partners. The memorandum emphasizes the need for reciprocity in trade to protect American workers and industries, improve competitiveness, and reduce reliance on foreign markets.
- Fair and Reciprocal Plan: The plan aims to address non-reciprocal trade relationships by assessing equivalent reciprocal tariffs and examining various unfair practices, including discriminatory taxes, nontariff barriers, and policies affecting exchange rates. This comprehensive approach seeks to ensure fairness across international trade.
- Action and Implementation: The Secretary of Commerce and the U.S. Trade Representative are tasked with investigating the harm from non-reciprocal trade arrangements and proposing remedies within 180 days. The memorandum outlines definitions related to value-added taxes and nontariff barriers, and it clarifies that it does not create enforceable rights against the U.S. government.
Source Whitehouse
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