USA president Donald Trump has set himself on a collision course with Chinese president Xi Jinping, saying the first meeting between the two leaders would be "very difficult".
Hufbauer considered Trump administration's approach to the bilateral trade balance as a display of mercantilist doctrines, adding that a trade balance makes little economic sense as a guide to trade policy in the 21st century, nor as a focal point for shrinking the US trade deficit.
The second trade order to be signed by Trump is aimed at halting the non-payment and under-collection of anti-dumping and anti-subsidy duties the United States slaps on many foreign goods.
He will host Chinese President Xi Jinping this Thursday and Friday at his Mar-a-Lago retreat in Florida, where trade is expected to be a central talking point as well as North Korea and China's ambitions in the South China Sea. "American companies must be prepared to look at other alternatives", Mr Trump wrote in a pair of tweets.
"In China-US trade, although we are running surplus in trading goods, we are on the deficit side when it comes to trading services", Zheng said. But he said in some cases, currencies can become misaligned from their traditional valuations unintentionally, citing the Mexican peso's sharp decline late previous year after Trump's election.
Commerce Secretary Wilbur Ross told local media that the report will form the basis for further actions by the Trump administration to tackle bilateral trade imbalances.
Despite Trump's campaign rhetoric, Ross said the report would not focus extensively on currency manipulation, which is under the purview of the U.S. Treasury Department.
"Nobody's ever made bad trade deals like our country's made", the president said.
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And moments before the briefing got underway, Trump took to Twitter to proclaim that his meeting with Xi next week will be "a very hard one".
In meeting with President Xi in China, Tillerson reportedly told him that Trump places a "very high value" on maintaining communications with the Chinese president.
The summit will follow a string of other recent U.S. "There's a lot of areas that we need to be concerned about with trade", he said.
Still, Trump capped off his remarks Friday on the executive orders by making note of his meeting with Xi next week and promising to "get down to some very serious business". China is a primary source of steel dumping in the United States, which has disrupted the domestic market for steel and hurt USA steel manufacturers.
"The meeting next week with China will be a very hard one in that we can no longer have massive trade deficits. and job losses", he wrote.
The report also brought up longstanding complaints about online piracy of movies, books, music, video games and software in China as well as a ban on US beef that has been in place since 2003.
Trump, with a "transactional" view on global relations, is "by nature more likely to accept China's proposal for a relationship featuring non-conflict, non-confrontation, mutual respect and win-win cooperation", said Ngeow Chow Bing, a researcher from University of Malaya.