President Donald Trump is determined to spur massive growth in the U.S. economy. At the same time, Trump recently introduced two new executive orders to help push for trade reform.
The first of the executive orders would lead to the examination of trade abuse and non-reciprocal practice contributing to the country’s trade deficit of $500 billion. Leading this will be the Department of Commerce and the Office of the U.S. Trade Representative.
White House Press Secretary Sean Spicer said that these departments are expected to submit a comprehensive report on the trade deficit within 90 days. Meanwhile, the second executive order allows the U.S. Customs and Border Protection Agency to assess and impose countervailing duties. This is to address the dumping of export goods with artificially low prices in the country. Since 2001, more than $2.8 billion of these duties are said to have been uncollected.
According to the White House, Trump’s pro-growth agenda has seen several economic indicators responding with “record confidence.” For starters, the Weekly Gallup Economic Confidence Index has been positive for 19 consecutive weeks. At the same time, the Business Roundtable’s CEO Economic Outlook Index also jumped recently by 19 points. This is said to be the largest jump in the index since 2009. At the same time, the American Dream Index also managed to rebound to 100.5 from its 12-month low in December.
Throughout his campaign, Trump promised to introduce economic reforms that would encourage more manufacturing in the country and foster the creation of more jobs. After making these promises, the White House said there were 235,000 new jobs created in February alone. At the same time, the U.S. labor force participation went up to 63 percent. Meanwhile, unemployment fell by 4.7 percent.
Trump salutes new investment, more jobs.
In addition, the White House praised several companies who made new investments and created new jobs in America recently. These include Ford, General Motors, Fiat Chrysler, Accenture, Charter Communications, Exxon Mobil Corporation and Intel.
“We’re going to win economically; we’re going to win with the economy,” Trump had famously said.