Trump's FART to have "silent but deadly" repercussions

Ivan Schwartz
July 6, 2018

"WTO's treated the United States very badly", Trump told reporters at the White House yesterday in response to questions about reports he's considered withdrawing the USA from the organisation.

European Union leaders fear US plans to raise tariffs for its domestic automobile industry while negotiating varying tariff rates with specific countries, clearly trampling WTO rules against trade penalties and other barriers to the free flow of goods across borders.

"They have to treat us fairly", Trump said Friday about the WTO.

Axios reported on Sunday that the Trump administration had drafted a bill that would abandon the US's commitment to the World Trade Organization's rules.

A draft of a bill from the Trump administration would propose having the United States abandon key World Trade Organization principles and offer President Donald Trump significantly more discretion over USA trade policy, a White House official has confirmed to CNN.

Russian Federation today filed a formal complaint against the United States in the World Trade Organization (WTO), because of the protectionist measures applied by Washington for its steel and aluminum imports.

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Mnuchin added that although Trump has concerns regarding China and other countries using the WTO to their advantage, the US President is still focused on "free trade" and "breaking down barriers".

CNN confirms the existence of the leaked proposal, called the United States Fair and Reciprocal Tariff Act. He says he's not "planning anything now" but if the WTO doesn't treat the USA properly, "we will be doing something".

Soon thereafter, the White House denied that the USA was leaving the WTO. "The current system gives the U.S. no leverage and other countries no incentive".

The "United States Fair and Reciprocal Tariff Act" essentially bestows Trump (or any future president) with the power to determine any current or future tariff rates with countries-outside of the jurisdiction of the WTO.

During his meeting with Mr Rutte, Mr Trump also said that his administration would be meeting European Union officials to "work something out" on trade.

At a meeting of the World Trade Organization, major United States trade partners have warned about the consequences of a possible U-S decision to impose additional tariffs on vehicle imports.

Other reports by GizPress

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