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.

Correcting the major imbalances in the global economy will require collaborative international action. If he wants results, Trump will need to rein in his penchant to go it alone.

Mexico’s government on Monday launched a plan to shrink its yawning trade deficit with China and attract investment, in an olive branch to Donald Trump’s incoming US administration.

President Donald Trump held off unveiling China-specific tariffs on his first day on office, instead ordering his administration to address unfair trade practices globally and investigate whether Beijing had complied with a deal signed during his first term.