Trump Draft Tariffs Bill Tears Up WTO Rules

GettyImages-987444672

Trump Draft Tariffs Bill Tears Up WTO Rules: Report

U.S. President Donald Trump has ordered the drafting of legislation that would mean abandoning key disciplines agreed at the World Trade Organization, Axios news website reported late on Sunday, to a skeptical response from trade experts.

U.S. President Donald Trump said on June 29 that the probe would be completed in 3-4 weeks.

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. "And we're not planning anything now, but if they don't treat us properly, we'll be doing something", Mr Trump said, without elaborating.

"We've made no secret of our view that there are some reforms needed at the WTO", Ross said. With Mr Trump threatening to deploy the national-security argument to introduce USA tariffs on cars and auto parts, the bloc has also vowed a firm stance on any U.S. automotive duties. "I think there really is a need to update and synchronize its activities, and we'll see where that leads", Ross told CNBC. "And it would completely remove us from the set of global trade rules". "WTO has its flaws, but the 'United States Fair and Reciprocal Tariff Act, ' aka the U.S. FART Act, stinks", writes Anthony Scaramucci.

Anthony Scaramucci, who was Trump's communications director for 10 days past year, said the draft bill "stinks" because it would ask U.S. consumers to pay for tariffs.

On Sunday, Canada retaliated against Trump's steel and aluminum tariffs by imposing tariffs on about $13 billion worth of US exports.

In its submission, the European Union said EU companies make close to 2.9 million cars in the United States, supporting 120,000 jobs, or 420,000 if auto dealerships and vehicle parts retailers are included. "The current system gives the U.S.no leverage and other countries no incentive".

Under the bill, Trump would be able to impose tariffs without congressional consent.

The United States was losing its reputation as a trusted trade partner, the Russian delegate told the meeting, adding that the United States could soon start an investigation into the case for import tariffs on uranium products.

Latest News