Published by Global Banking & Finance Review®
Posted on January 20, 2025
1 min readLast updated: January 27, 2026
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Trump's trade memo seeks to address US trade deficits and assess China's compliance with the Phase 1 deal amid unmet purchase targets.
WASHINGTON (Reuters) - U.S. President Donald Trump is ordering federal agencies to "investigate and remedy" persistent U.S. trade deficits, and address other countries' unfair trade practices and currency manipulation, according to a draft White House trade memo seen by Reuters that stops short of ordering immediate new tariffs.
The memo, expected to be signed shortly, also directs federal agencies to assess China's performance under the "Phase 1" trade deal he signed with Beijing in 2020 to end a nearly two-year tariff war. The deal required China to increase purchases of U.S. exports by $200 billion over two years, but Beijing failed to meet the targets as the COVID-19 pandemic hit.
"China's adherence to this agreement will now be assessed, to determine whether enforcement or changes are required," the memo reads.
(Reporting by Jarrett Renshaw and David Lawder; Writing by David Lawder; Editing by Daniel Wallis)
The memo orders federal agencies to investigate and remedy persistent U.S. trade deficits and address unfair trade practices by other countries.
The memo directs federal agencies to assess China's performance under the 'Phase 1' trade deal signed in 2020 to determine if enforcement or changes are needed.
The 'Phase 1' trade deal between the U.S. and China was signed in 2020 to end a nearly two-year tariff war.
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