Donald Trump mocked over FART Act on trade



The bill, known as the United States Fair and Reciprocal Tariff Act, essentially provides Trump a license to raise USA tariffs at will, without congressional consent, Axios said.

Those statements follow the presidents comments about the bloc's treatment of trade deals with the U.S.

The US wins 87 per cent of the cases it brings to the WTO against other countries and loses 75 per cent of the cases other countries bring against Washington, according to a Bloomberg analysis of the 524 cases lodged at the Geneva-based organisation since it was founded in 1995.

The website AXIOS, as well as AOL, are both reporting that the Trump Administration has drafted a bill that would abandon the United States' commitment to the World Trade Organization's rules.

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He says the WTO has treated the USA "very badly and I hope they change their ways". "We have created a world after the Second World War that is beneficial for the United States, where the world's reserve currency is the dollar and a trading system that benefits us".

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.

The global commercial order is being shaken by the Trump administration's use of an obscure United States trade-law provision on national security to justify steel and aluminum tariffs against a host of countries including defence allies. That means any European retaliation over auto tariffs introduced by Mr Trump would likely target a bigger sum of American goods exported to Europe than the amount hit by the European measures responding to the metal levies.

"Russia claims the United States duties of 25% and 10% on imports of steel and aluminum products respectively are inconsistent with provisions of the WTO's General Agreement on Tariffs and Trade (GATT) 1994 and the Agreement on Safeguards", the WTO press service reports. The president has stopped short of publicly pledging to withdraw from the group. Evidence shows that an open and stable global trading system is particularly vital to support the growth of micro and small enterprises - the engine of job creation in the USA economy. "American consumers pay for tariffs", Scaramucci said.

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