January 20, 2019

Trump Trade Legislation Has Unfortunate Acronym of FART

05 July 2018, 03:04 | Joann Bryant



Commerce Secretary Wilbur Ross also said that it was "a little premature" to be looking at the U.S. exit from the WTO, in an interview with CNBC. Legislative Affairs Director Marc Short earlier this year said that the bill was "dead on arrival" and would not receive support from Capitol Hill.

Navarro replied to Short that he thought the bill would get plenty of support, particularly from Democrats, but Short told Navarro he didn't think Democrats were in much of a mood to hand over moreauthority to Trump.

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.

Those principles include the prohibition of nations setting different tariff rates for countries outside of free trade agreements and the established tariff ceilings that WTO countries have agreed to.

Axios reported July 1 that President Donald Trump ordered a draft bill that would declare the USA was abandoning WTO's system of global trade rules.

Trump was briefed on the drafted bill in May, according to the report.

News website Axios last week reported that the Republican president wants to withdraw from the WTO, drawing a prompt denial on Friday from Treasury Secretary Steve Mnuchin.

It's the acronym for the Act that's caught the attention of Twitter though. Axios reported that "most officials involved in the bill's drafting. think the bill is unrealistic or unworkable".

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

White House spokeswoman Lindsay Walters told Axios that the bill was still far from becoming a reality.

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

EU President Donald Tusk said Europe must be prepared for "worst-case scenarios" in global commerce, echoing an alarm he sounded before a European summit last week.

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