US seeks report from government on trade practices by May 10

[rooster59]

US seeks report from government on trade practices by May 10

By The Nation

 

File photo: US President Donald Trump holds a joint press conference at the White House in Washington, DC, April 20, 2017. / AFP PHOTO / JIM WATSON

 

The US has asked Thailand and 12 other trade partners – Canada, China, EU, India, Indonesia, Japan, South Korea, Malaysia, Mexico, Switzerland, Taiwan and Vietnam to submit a report on their trade practices by May 10, the trade counsellor at the Thai Embassy in Washington informed the Commerce Ministry on Friday.

 

The US wants to know about taxation, government subsidies, anti-dumping, intellectual property rights protection, technology transfer, labour rights and law enforcement that are seen as factors contributing to US having trade deficits with these countries.

 

Both the public and private sectors have been asked to submit the required information via electronic channel following which the US government will hold public hearings on trade barriers on May 18, according to the report.

 

Previously, US trade representatives had raised concerns about intellectual property rights violations in Thailand as one of the factors affecting imports of US products and services.

 

The Trump administration has accused some of its trade partners of unfair practices and last month Trump signed two executive orders to investigate trade practices of 16 countries which had trade surplus with the US.

 

Source: http://www.nationmultimedia.com/news/breakingnews/30313015

 

 

 

-- © Copyright The Nation 2017-04-22

[yellowboat]

5 hours ago, rooster59 said:

The US wants to know about taxation, government subsidies, anti-dumping, intellectual property rights protection, technology transfer, labour rights and law enforcement that are seen as factors contributing to US having trade deficits with these countries.

Given how the government caters to the elites, it should make for some interesting reading. 

[thhMan]

The only thing Thailand has to do is work out what a Trade Practices Report is, and then work out what to put into it and what not.

 

Whatever the US gets will be false anyway

Edited April 22, 2017 by thhMan

[Pib]

I'm sure Thailand will submit a glorious report and then Donald will say, OK Thailand you are great...I'm taking you off my hate list.

[elgordo38]

I gave a like to all 3 replies as they all have merit. Looks like the US is going through the motions to look tough. 

[Srikcir]

Thailand will wait to be last so it can copy the other nations' reports.

[Srikcir]

21 hours ago, rooster59 said:

Canada, China, EU, India, Indonesia, Japan, South Korea, Malaysia, Mexico, Switzerland, Taiwan and Vietnam to submit a report on their trade practices by May 10, the trade counsellor at the Thai Embassy in Washington informed the Commerce Ministry on Friday.

An example of lack of knowledge by the POTUS on US government operations?

 

The US Commerce Department hasn't been tracking country trade practices already? Cannot believe that given numerous trade agreements between the US and countries over the last 3 decades in modern history. The US has trade representatives within the State Department for every country the US trades with (as does Thailand). No doubt they have a trove of information already available.

 

Furthermore, why would the US ask foreign nations what their trade practices are, particularly ones with which the US has a trade deficit? It's likely that those specified countries will present themselves in the most favorable justification in trade imbalance with the US, ie., obfuscate, mislead, misrepresent, omit, etc.

 

A survey of US trade with other countries shows that as of 2014 the US had a trade surplus with only 12 countries with Hong Kong and Singapore ranking 1st and 2nd highest at (rounded to nearest whole billion USD) 27 billion and 9 billion respectively. All of Central and South American countries collectively contributed a 5 billion surplus.

https://www.census.gov/foreign-trade/balance/index.html

The US is the world's leading consumer, yet one of the strongest economies!

 

On another note, trade export/import revenues cover only tangible products. Here is a listing:

https://www.census.gov/foreign-trade/statistics/product/enduse/exports/c5820.html

As such it does not account for revenues from Intellectual Property (royalties and license fees for trademarks, tradenames, copyrights) and IP-related services. (Recently Trump and Ivanka received significant registrations in China; possibly an attempt by China to lessen US focus on its trade deficit with China in a psychological manner.) In 2013 the US produced 39% of the world revenues for IP and in 2014 IP generated 38% of US GDP. In the US out of 313 industries, 81 are IP intensive!

http://www.progressive-economy.org/trade_facts/u-s-share-of-world-intellectual-property-revenue-39-percent/

https://www.uspto.gov/sites/default/files/documents/IPandtheUSEconomySept2016.pdf

IP revenues needs to be considered in reviewing trade balance with each foreign country.

 

 

 

 

 

 

[Pib]

It's just Donald playing to his base of supporters and trying to get positive press.  Nothing will come of the report.  It's kinda like how Donald preached during his campaign he would declared China a currency manipulator on day one of his presidency, but two weeks ago he announced China is "not" a currency manipulator.   Donald's just a bull in a china shop.