Commerce Secretary Ross: Trump continues to fulfill his promises on trade

by John Roberts on August 27, 2020

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FOR IMMEDIATE RELEASE
Thursday, August 27, 2020

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President Trump Continues to Fulfill his Promises on Trade

By Secretary of Commerce Wilbur Ross
Fox Business
August 27, 2020

President Donald J. Trump has implemented more initiatives permanently improving our economy than any president who has preceded him.

We have experienced tremendous accomplishments over the last three and a half years as the Trump administration has implemented tax, regulatory, workforce, and trade policies that make the United States the number-one country for investment in new and expanded production capacity – for both American and International companies.

By revising critical trade deals, President Trump continues to fulfill his key promises to the American people: to secure free, fair, and reciprocal trade deals for American workers and businesses.

The United States-Mexico-Canada Agreement (USMCA) includes strong, innovative new rules of origin that will incentivize production in North America, strengthen the U.S. manufacturing base and support more manufacturing jobs in the United States.

As President Trump promised – and delivered – we have a new deal that replaces and modernizes the North American Free Trade Agreement, rebalancing the trade relationship with our neighbors to the north and south.

The United States–Korea Free Trade Agreement, known as KORUS, has also been revitalized. KORUS will reduce the trade deficit and strengthen our economic and national security relationship.

The U.S.-China Phase One Trade Agreement will boost our exports, decrease our trade deficit, and will be strictly enforced for the benefit of American workers, farmers, and businesses.

To further protect U.S. national security and defend American companies and industries impacted by unfair trade, the Trump Administration has greatly enhanced trade enforcement efforts. We have initiated twice as many anti-dumping and countervailing duty cases as were brought under the Obama administration.

Meanwhile, section 232 investigations helped to stabilize our steel and aluminum industries. Through our bold and decisive actions combatting cybersecurity threats that limited access to American technology by Huawei, the company has been placed on the entity list.

We have installed a monitor on ZTE that will help to constrain China’s abusive practices in the high-tech area.

President Trump has eliminated our dependence on imported hydrocarbons and instead the United States is now a major exporter.

But it’s important to note that President Trump continues to put America First not just abroad, but here at home.

Our president engineered the largest tax cut in the history of our great country, bringing back cash and jobs that had seemed to be permanently lost. The cumulative effect of these innovative policies was the unprecedented low unemployment rates across all demographics and historic highs for the stock market.

China’s mishandling of the coronavirus interrupted the economic boom, but because of the president’s early and prescient restraints on air travel and his mobilization of industry to produce vast amounts of testing, personal protective equipment and, soon, pharmaceutical solutions to the pandemic, it will just be temporary.

President Trump continues to put America on the winning track, and thanks to his policies focused on rebuilding American industry, American jobs, and American exceptionalism, we are heading toward a more prosperous and hopeful future.

The result will be a return to unparalleled prosperity that has already begun and our nation’s economic recovery that soon will take our country to new economic highs.

Wilbur Ross is United States Secretary of Commerce.

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