Commerce Secretary Wilbur Ross told reporters Friday that the Trump Administration — under a new trade executive order — will issue a report aimed at finding the violations and abuses of U.S. trade agreements with other countries, especially those that are covered by the World Trade Organization.
What's next: The review will take place over an 80-day period, at the end of which the U.S. hopes to renegotiate some of its key trade deals. Ross emphasized the word "renegotiate," as withdrawing from WTO and other agreements would be the "last resort."
Why this matters: The White House has tried to skirt around a series of its trade agreements with other countries, as they feel that the deals enable them to treat the U.S. unfairly. The issue has been compounded by the nation's ballooning trade deficit, which is relatively large compared to other countries.