Will Trump abandon WTO rules and adopt the US Fart Act?

Will Trump abandon WTO rules and adopt the US Fart Act?

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

White House spokeswoman Lindsay Walters told Axios that Trump has asked for ideas on how to address "the unfair imbalance of tariffs that put the U.S.at a disadvantage".

If adopted the bill would dramatically affect world trade but it is the bill's acronym, the Fart Act, that has grabbed the attention of the Twitterati for now.

The act would allow Trump to ignore the WTO's "most favored nation" principle, which stops countries trading on different terms with different trading partners unless they have a formal trade agreement, Axios said.

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".

Trump reportedly was briefed on the working draft in May.

Sources say the good news is most of the officials involved in the bill think it will be "dead on arrival" - because Congress doesn't want to hand over more authority to Trump.

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Canada has begun imposing tariffs on $12.6 billion in US goods as retaliation for the Trump administration's new taxes on steel and aluminum imported to the United States.

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"As (Treasury) Secretary (Steven) Mnuchin and the President have said, that is not accurate that the USA is leaving the WTO (sic)", White House Press Secretary Sarah Sanders told reporters at her daily news conference.

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

Early in the session, lingering trade concerns weighed on the markets as tariffs on $34 billion worth of Chinese imports to the US and a matching $34 billion worth of USA exports to China are due to take effect on July 6th.

In the document dated June 29, Moscow accused Washington of multiple violations of global trade rules, and formally asked the United States for "consultations" over tariffs of 25 per cent on steel and 10 per cent on aluminium.

Trump said last week that the government would complete its study soon and suggested the United States would take action, having earlier threatened to impose a 20% tariff on all EU-assembled cars.

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