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Trump releases manufacturing-focused trade memo

President Trump on Monday evening released a lengthy memo on an “America First” trade policy calling for a series of reviews of policies over the coming months.

In the memo, Trump said an America First trade policy would benefit farmers as well as other Americans, but the memo appeared much more focused on manufacturing than any other sector of the economy.

The agriculture secretary was not one of the officials to which the memo was written, while the secretary of state and the treasury, defense, commerce and homeland security secretaries were listed.



In an analysis, Washington Trade Daily said, “In the memo, the president directs his administration to study whether China is living up to the ‘phase one’ trade deal he negotiated during his first term before taking any action on tariffs.” In an earlier article, WTD noted that Scott Bessent, Trump’s nominee as treasury secretary, told the Senate Finance Committee at his confirmation hearing that one of his top priorities will be to insist that China follow through on commitments made during the first Trump administration to buy significant amounts of U.S agricultural products. Bessent also said Washington should push Beijing to make purchases big enough to compensate for the last four years of lower purchases.

In its latest analysis, WTD said Trump “also calls for an assessment of whether China is manipulating its currency and whether China’s permanent most-favored-nation status should be revoked. An analysis of trade with Canada and Mexico also is called for in advance of next year’s mandated review of the U.S.-Mexico-Canada Agreement. The memo also calls for a review of all existing U.S. trade deals and asks the U.S. trade representative to propose possible new trade agreements. The president also renewed his call for creation of an External Revenue Service to collect tariff revenues, which currently are collected by Customs and Border Protection.”



In his memo, Trump wrote, “In 2017, my administration pursued trade and economic policies that put the American economy, the American worker, and our national security first. This spurred an American revitalization marked by stable supply chains, massive economic growth, historically low inflation, a substantial increase in real wages and real median household wealth, and a path toward eliminating destructive trade deficits.

“My administration treated trade policy as a critical component to national security and reduced our nation’s dependence on other countries to meet our key security needs.

“Americans benefit from and deserve an America First trade policy. Therefore, I am establishing a robust and reinvigorated trade policy that promotes investment and productivity, enhances our nation’s industrial and technological advantages, defends our economic and national security, and — above all — benefits American workers, manufacturers, farmers, ranchers, entrepreneurs, and businesses.”

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