Leaked Document Shows Trump Wants To Destroy WTO Relationship
Jul 06 2018
If approved by Congress, the bill, which is titled "the United States Fair and Reciprocal Tariff Act", would "provide Trump a license to raise U.S. tariffs at will, without congressional consent", Axios reported, adding that the bill was ordered by Trump himself.
During a press conference with Dutch Prime Minister Mark Rutte, President Trumptold reporters at the White House on Monday the WTO has treated the U.S.
He is also focused on lowering the U.S. trade deficit through what he calls "reciprocal" trade - that is, imposing the same tariffs on United States imports from specific countries as they impose on US-made goods.
The President reportedly said over the weekend: "I'm not talking about pulling out" of the WTO, a claim reiterated by several administration officials - though he warned this week that "if they don't treat us properly, we will be doing something".
Donald Trump has been ridiculed over the naming of a leaked draft bill outlining how the USA would abandon key World Trade Organisation (WTO) rules.
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.
United States President Donald Trump is shifting how global trade functions. And China and other countries have used the WTO to their own advantage.
A White House spokesperson did not return CNN's requests for comment on the bill.
While the USA can exit the WTO, it's uncertain whether Trump could do so without approval from Congress, where many lawmakers - including Republican proponents of free trade - would likely put up a fight.
"Right now he'd like to see the system get fixed, and that's what he's focused on doing", Sanders said.
Reportedly, the letter of European Union stated that it has not yet determined on counter-steps to likely auto taxes, but mentioned it is "likely" to implement them to "a noteworthy quantity of trade" in the incident Trump compels such tariffs.
"I think the European Union - we're going to be meeting with them fairly soon, Trump said". The bill explicitly calls for the President of the United States to "have a wide array of tools to open the markets of USA trading partners and encourage participation in negotiations to liberalize trade...and adjust tariff rates".
Moscow warned in May that it would retaliate against American products to the tune of almost US$540 million, an amount it said was equivalent to the damage likely to be caused to its domestic industry by the USA moves.