Editorial & Advertiser disclosure

Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

Finance

Posted By Global Banking and Finance Review

Posted on January 20, 2025

Draft Trump trade memo targets US trade deficit, China purchases of US exports

WASHINGTON (Reuters) - U.S. President Donald Trump is ordering federal agencies to "investigate and remedy" persistent U.S. trade deficits, and address other countries' unfair trade practices and currency manipulation, according to a draft White House trade memo seen by Reuters that stops short of ordering immediate new tariffs.

The memo, expected to be signed shortly, also directs federal agencies to assess China's performance under the "Phase 1" trade deal he signed with Beijing in 2020 to end a nearly two-year tariff war. The deal required China to increase purchases of U.S. exports by $200 billion over two years, but Beijing failed to meet the targets as the COVID-19 pandemic hit.

"China's adherence to this agreement will now be assessed, to determine whether enforcement or changes are required," the memo reads.

(Reporting by Jarrett Renshaw and David Lawder; Writing by David Lawder; Editing by Daniel Wallis)

Recommended for you

  • Analysis-Trump faces stiff challenges delivering on his promised 'Golden Age'

  • Moldova, separatist region inch toward gas supply deal

  • Russian court imposes 2 billion euro damages on Austrian bank Raiffeisen