The President of the United States issued a memorandum aimed at reducing the country's trade deficit by making international trade relationships fairer and more balanced. This includes assessing and countering unfair practices like tariffs, nontariff barriers, and discriminatory taxes imposed by trading partners. A plan called the "Fair and Reciprocal Plan" will be implemented to address these issues, and agencies like the Secretary of Commerce and the U.S. Trade Representative are instructed to investigate and propose solutions. The memorandum stipulates that any actions taken must comply with existing laws and does not create enforceable rights or benefits for any party.
Simple Explanation
The President wants to make trade with other countries fairer by checking if they're being unfair to the U.S., like charging extra taxes on American stuff. He told some important people to come up with a plan to fix this, but he didn't give them step-by-step rules, so they have to figure it out while being careful not to upset other countries too much.