According to President Trump, Friday was the day of the United States’ “Great Revival” in the manufacturing industry.
He’d promised that his latest executive order would bring manufacturing jobs back to the country.
Trump signed two executive orders in the Oval Office that day. Both were supposed to help improve the U.S. trade deficit. But, experts say neither one does much to improve the U.S. economy.
The President made a declaration that the lost jobs of America, would be returned home soon. President Trump noted that both wealth and jobs have been “stripped” from the United States, saying:
“We’re bringing manufacturing and jobs back.”
But, economists say that the first order won’t do very much to improve things. It calls for compiling a detailed report creating for tracking deficits by product and country.
The second one — meant to improve America’s collection of duties on imports — appears to duplicate a trade enforcement act signed in 2016 by President Obama, experts said.
Together the two were little more than symbolic shots at China, just in time for Trump’s sitdown with President Xi Jinping on Thursday and Friday.
China accounted for $347 billion of last year’s $502 billion trade deficit.
Trump also did some work last week on another of his favorite trade targets — NAFTA, or as he calls it, “The worst trade deal ever signed by any country ever.”
On the campaign trail, Trump pledged to renegotiate the entire 1994 deal with Canada and Mexico to better favor U.S. interests.
But in a draft outline of the White House overhaul submitted to Congress last week, NAFTA’s main provisions were barely touched.
The draft also contained elements from the Trans-Pacific Partnership, a 12-country Asia-Pacific trade agreement championed by Obama but rejected by Trump for hurting U.S. workers.