New Initiatives Tackle Trade Deficit, Tariff Enforcement
(WASHINGTON) –The Teamsters Union supports two executive orders signed today that establish initiatives to address long-standing issues that have plagued U.S. trade policy.
[Galen Munroe] March 31st, 2017 [Teamsters]
The first executive order commissions a report on trade practices of countries with which the U.S. has a trade deficit and seeks to identify, “every form of abuses and non-reciprocal practice” that contributes to the deficit. The report, which must be completed within 90 days, will outline specific causes for the deficit.
“There is no doubt that our growing trade deficit has slowed economic development for the U.S. and its workers,” said Teamsters General President Jim Hoffa. “It is our hope that this report will lead to a real solution that will help shrink the trade deficit so we can focus on growing our economy.”
The second executive order aims to address an estimated $2.8 billion in anti-dumping and countervailing duties against foreign trade partners that have not been collected since 2001. The EO will expand the abilities of federal agencies to collect the duties.
“Effective enforcement of trade law is a critical piece is maintaining and healthy and growing economy,” Hoffa said. “We cannot allow foreign entities to continue to profit by abusing trade laws and undercut our economy. Expanding our efforts to crack down on these violations will only help strengthen U.S. industry and protect working Americans.”
Founded in 1903, the International Brotherhood of Teamsters represents 1.4 million hardworking men and women throughout the United States, Canada and Puerto Rico. Visit www.teamster.org for more information. Follow us on Twitter @Teamsters and “like” us on Facebook at www.facebook.com/teamsters.