Trump Administration Drafting Bill to Pull US Out of WTO?


Axios reported July 1 that President Donald Trump ordered a draft bill that would declare the US was abandoning WTO's system of global trade rules. He said the USA would continue meeting with the European Union about the trade issue, saying, "If we do work it out, that will be positive, and if we don't, it will be positive also".

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.

China, Canada, Switzerland, Norway, Turkey, Costa Rica, Hong Kong, Venezuela, Singapore, Brazil, South Korea, Mexico, Qatar, Thailand and India all echoed the same concerns and said they doubted the US tariffs were in line with WTO rules.

"The measures at issue, separately or together, appear to be inconsistent with the obligations of the United States" under a long line of worldwide trade agreements, the text said.

"Right now he'd like to see the system get fixed, and that's what he's focused on doing", Sanders said. Washington is conducting a national security study that could lead to tariffs on imported cars and auto parts.

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.

Moscow considers that the 25 percent tariffs on the entry of steel to North American soil and 10 on aluminum in no way are in accordance with WTO agreements on commercial tariffs, signed in 1994.

It would be in the best interest of countries around the world to follow Trump's plan for free and fair trade, said Hassett.

The EU exported 37.4 billion euros ($43.6 billion) of cars to the United States in 2017, while 6.2 billion euros worth of cars went the other way. Washington has said it would impose tariffs on $34 billion dollars' worth of USA goods on July 6. "I guess that producers of trucks in the US that now enjoy the protection of a 20 percent tariff would not be very eager to surrender that protection", she said. However, Congress is unlikely to approve the measure.

U.S. President Donald Trump speaks to the press aboard Air Force One en route to Bedminster, New Jersey, from Joint Base Andrews, Maryland, U.S., June 29, 2018.