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Trump Administration Works on Trade Deficit

Trump Administration Works on Trade Deficit

Photo: WNAX


The Trump administration has been pushing ahead to address the United States trade deficit with other countries. However, there are mixed signals as the administration did not list China as a currency manipulator. Coalition for a Prosperous America CEO Michael Stumo says for years China has been guilty of manipulating their currency and only recently backed off. He says despite that the effects of prior manipulation have driven up the deficit.

Stumo says another major cause of the trade deficit is the strong dollar. The U.S. has been deemed a safe haven for private money, which drove up its value compared to other global currencies.

He says his group will be testifying about the trade deficit at an upcoming hearing spearheaded by the U.S. Commerce Department and U.S. Trade Representative’s office.

Stumo says Commerce Secretary Wilbur Ross has done a good job trying to address the trade deficit. He adds they’re looking forward to working with Robert Lighthizer on the issue once he’s confirmed as U.S. Trade Representative.