WASHINGTON — Today, U.S. Trade Representative Jamieson Greer issued a statement following President Trump’s issuance of an Executive Order modifying the reciprocal tariff rates for certain countries to further address the national emergency posed by large and persistent annual U.S. goods trade deficits.
"Today is historic. For decades, American international economic policy has been subordinated to the industrial and trade policies of other countries. America had pursued a principle of economic efficiency at all costs – even where it meant the American industrial base was off-shored and our workers had to compete against unfair trade. Our trade deficit in goods ballooned to a massive $1.2 trillion in 2024, which reflected a dangerous decline in U.S. manufacturing and manufacturing jobs.
President Trump is reversing all of that. Over the past few months, the President’s tariff program and the ensuing 'Trump Round' of trade negotiations have accomplished what the World Trade Organization and multilateral negotiations have not been able to achieve at scale: expansive new market access for U.S. exporters, increased tariffs to defend critical American industries, and trillions of new manufacturing investments and purchases of goods that will create great American jobs and help reassert American leadership in key strategic sectors. Many trading partners have been constructive, bold, and visionary in their commitment to this fundamental change initiated by the President. Global trade is now being organized around the principles of fair and balanced trade – all pursued in support of countries’ economic and national security. This new trading system will lower the U.S. trade deficit and lead to better outcomes for American workers, their families, and their communities. In the coming weeks, this new system will begin to take shape, as the Trump Administration works with trading partners on a common path to shared prosperity."
To read the Fact Sheet on the modification, please click here.
To read the Executive Order, please click here.
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