Trump FART Act would abandon WTO

Discussion in 'Politics' started by g8tr72, Jul 2, 2018.

  1. g8tr72

    g8tr72 Well-Known Member

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    https://www.axios.com/trump-trade-w...tes-d51278d2-0516-4def-a4d3-ed676f4e0f83.html


    Axios has obtained a leaked draft of a Trump administration bill — ordered by the president himself — that would declare America’s abandonment of fundamental World Trade Organization rules.

    Why it matters: The draft legislation is stunning. The bill essentially provides Trump a license to raise U.S. tariffs at will, without congressional consent and international rules be damned.

    The details: The bill, titled the "United States Fair and Reciprocal Tariff Act," would give Trump unilateral power to ignore the two most basic principles of the WTO and negotiate one-on-one with any country:

    1. The "Most Favored Nation" (MFN) principle that countries can't set different tariff rates for different countries outside of free trade agreements;
    2. "Bound tariff rates" — the tariff ceilings that each WTO country has already agreed to in previous negotiations.
    "It would be the equivalent of walking away from the WTO and our commitments there without us actually notifying our withdrawal," said a source familiar with the bill.
     
  2. AugustaGator

    AugustaGator Junior Member
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    :boom::heehee:
    :grin:
     
    • Bammer

      Bammer Serving up sh*t sandwiches
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      • Swamp Donkey

        Swamp Donkey THREE STAR U
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        You think we should leave everything as is? with those fine deals negotiated by Clinton (mostly) and Obama that have our companies paying 250% or more tariffs and foreign companies paying us zilch?

        Strange line of thinking from leftists.
         
        • Gator Fever

          Gator Fever Senior Member

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