Provide Input on the United States Trade Deficit
May 5, 2017The Trump administration is analyzing the causes of America’s persistent and massive trade deficits. U.S. Secretary of Commerce Wilbur Ross is asking for input from American stakeholders on the factors that contribute to the more than $500-billion-annual goods and services trade deficit facing the United States. The comment period is already underway with the deadline for submissions on Wednesday, May 10. The Department of Commerce and the United States Trade Representative will hold a public hearing on Thursday, May 18, at the U.S. Department of Commerce in Washington D.C., at 9:30 am.
This hearing and request for comments allows all American stakeholders to provide relevant information on the effects of international trade with the countries with which the United States has significant bilateral trade deficit in goods.
Reducing or eliminating these trade deficits will usher in a new era of prosperity for American companies and workers. If your company or industrial sector is experiencing problems exporting goods or services to China, Mexico, Europe, Japan, India, Korea or any other major foreign market, then we want to hear your story, as well as your ideas on how to fix the trade deficit. We also want to hear from you if your company or sector is being harmed by illegally subsidized or dumped foreign imports.
Comments will be submitted in a report to President Trump. This information will help the administration renegotiate trade deals and more effectively deter and punish trade abuses when they occur. Differential tariffs, non-tariff barriers, dumping, and unfair subsidies have reduced exports, harmed American workers, and shuttered U.S. businesses. The report will include an examination of how the United States’ trade relationships impact job creation and wage growth at home.
Information on submitting comments or requests to appear at the hearing can be found here.
Tradeology, the ITA Blog 