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giftedviz.com July 21, 2018


United States will act if not treated properly — Trump warns WTO

06 July 2018, 02:37 | Austin Hogan

Trump Draft Tariffs Bill Tears Up WTO Rules: Report

Trump Is Reportedly Planning to Replace the WTO With the FART Act

President Donald Trump has drafted a new bill which would allow him to raise US tariffs at will, tearing up World Trade Organization (WTO) rules, according to leaked documents obtained by Axios.

"I think the European Union - we're going to be meeting with them fairly soon, Trump said".

President Donald Trump reportedly asked his staff to develop a trade bill letting him disregard Congress and global laws.

Some have interpreted that as a threat to leave the WTO, but Gonzalez said that was unlikely, given the decision rested with the U.S. Congress, rather than with Trump.

On the other hand, a number of political commentators stressed that the US Fair and Reciprocal Tariff (FART) Act would de facto allow the US government to ignore key WTO principles and therefore empty the WTO of its substantial value.

If the goal was to get lower tariffs for USA exports, Trump could do that by negotiating trade agreements, he said. Washington is conducting a national security study that could lead to tariffs on imported cars and auto parts. "I think there really is a need to update and synchronize its activities, and we'll see where that leads", Ross told CNBC.

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Now, Axios has obtained a leaked draft of a bill that is created to do just that, called the "United States Fair and Reciprocal Tariff Act".

"In the context of growing trade tensions", Mr Tusk told the EU Parliament on Tuesday, the bloc's leaders are aware of "the importance of preserving and deepening the rules-based multilateral system".

It would also allow "reciprocal tariffs", so Trump could impose USA tariffs on particular goods equal to the tariff charged on US exports of those goods by another country. "You need somebody who is an artist as making deals".

The global commercial order is being shaken by the Trump administration's use of an obscure United States trade-law provision on national security to justify steel and aluminum tariffs against a host of countries including defence allies. "The current system gives the U.S.no leverage and other countries no incentive".

The Netherlands is part of the European Union, which has been involved in a trade dispute with Trump over the automobile imports. The EU on Friday submitted comments warning the US Commerce Department that US import tariffs on cars and vehicle parts were unjustifiable and would harm America's automotive industry and likely lead to counter-measures by its trading partners on $294 billion of US exports.

President Donald Trump speaks during a meeting with Dutch Prime Minister Mark Rutte in the Oval Office of the White House, Monday, July 2, 2018, in Washington.



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