WTO needs to change ways or US will do 'something'

05 July, 2018, 15:05 | Author: Billie Castillo
  • Trump Is Reportedly Planning to Replace the WTO With the FART Act

He also reportedly advisors that he doesn't know "why we're in it".

Read Axios' story for more details about the bill.

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 U.S. moves.

"Bound tariff rates" - the tariff ceilings that each WTO country has already agreed to in previous negotiations.

Under threats of retiring from the WTO, Trump "wants to work unilaterally on trade, he doesn't like the fact that we are subject to the WTO", said Ben White, an economics specialist for Politico.

According to Axios, Trump was briefed on the bill in May, but it hasn't yet been reviewed by key economic advisers.

The website followed up on Sunday by publishing what it said was a draft bill, the "United States Fair and Reciprocal Tariff Act", immediately drawing ridicule for legislation that would be known by its acronym, the FART Act.

WhatsApp fights hoax messages in India after rumors led to killings
The brutal attacks, which began in early May and are often filmed and distributed on social media, have also left dozens of people injured.

Axios reports that under the bill the US would elect to abandon the "Most Favored Nation" (MFN) principle, which says countries are not allowed to set different tariff rates for different countries outside of free trade agreements.

The United States Fair and Reciprocal Tariff Act would give the President unilateral power to ignore the two most basic principles of the WTO and negotiate one-to-one with any country. USA news website Axios cited sources saying Trump had repeatedly told his top officials he wanted to exit the world body, which Washington helped design and most often ruled in favour of the United States when Washington brought cases before it.

"Reform of the global trading system is undoubtedly needed, but abandoning WTO rules would create a major risk to inclusive growth across the US and throughout the world".

"And we're not planning anything now, but if they don't treat us properly we will be doing something", he said.

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 percent tariff on all EU-assembled cars.

In 2018, he slapped 25 percent and 10 percent tariffs on steel and aluminum coming from China, Canada, the European Union, blaming them for "unfair" trade with the U.S. and the country's "bad" trade deficit.

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