WTO has treated U.S. very badly; hopes it mends its ways

Applewhite

Applewhite

The report comes just a few days after Trump reportedly told several government officials that he wished to withdraw the United States from the regulatory organization.

Axios reports that under the bill the USA would elect to abandon the "Most Favored Nation" (MFN) principle, which says countries are not allowed to set different tariff rates for different countries outside of free trade agreements.

The bill essentially provides Trump a license to raise USA tariffs at will, without congressional consent and global rules be damned.

The European Union's top two officials warned about greater trade tensions with the USA as President Donald Trump weighs tariffs on foreign cars after irking American allies with metal-import levies. "The WTO is designed by the rest of the world to screw the United States", Axios's source quoted Trump as saying.

The bill 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.

The remarks came after US Treasury Secretary Steven Mnuchin said that a recent report that Trump is weighing withdrawal from the WTO is an "exaggeration" and "fake news".

"The President is a great salesperson", the source said. Axios reported that "most officials involved in the bill's drafting. think the bill is unrealistic or unworkable".

A White House spokesperson confirmed that Trump asked his team to work up ideas to "remedy" what he sees as unfair trade laws.

According to press reports, any such bill stands little chance of being enacted into law, which means the President could consider withdrawing the U.S. from the WTO altogether.

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.

The drafted bill, "essentially provides Trump a license to raise USA tariffs at will, without congressional consent", according to the Axios website.

Before people start to bemoan the end of global trade as we know it, it bears noting that the bill isn't a done deal.

Recommended News

  • Suns, Booker nearing max extension

    Suns, Booker nearing max extension

    The 21-year-old Booker has quickly become the face of the Suns' franchise and continued to improve all facets of his game. The Suns presented the offer to Booker in Los Angeles on Tuesday.
    Woman starts to climb Statue of Liberty after immigration protesters arrested

    Woman starts to climb Statue of Liberty after immigration protesters arrested

    Seven people have been arrested on Liberty Island, all of whom are believed to be protestors, law enforcement sources told CNN . Attorney General Jeff Sessions has said the president's immigration policy is a step forward for public safety.
    Sony Raising Price of PlayStation Vue TV Packages by $5 per Month

    Sony Raising Price of PlayStation Vue TV Packages by $5 per Month

    The following are a few things to know about the DirecTV Now price increase and how it will affect new and old customers. Sling TV was a pioneer in the business of streaming a small collection of live TV channels for a reduced cost.
  • Molinari dominates Quicken Loans for first PGA Tour win

    Molinari dominates Quicken Loans for first PGA Tour win

    Woods is particularly satisfied with his putting after making the switch to a TaylorMade Ardmore model before the tournament. She shot a 5-under 67 on another scorching afternoon to get to 11-under 205 and move a step closer to her third major win.
    Microsoft Store Lists August Release Date for Shenmue I & II

    Microsoft Store Lists August Release Date for Shenmue I & II

    In the announcement, the company goes on to call this release the "definitive version" and the "best Shenmue experience to date". Likewise, for "technical reasons" Sega has chosen to port Shenmue 2's Xbox iteration-as opposed to its Dreamcast variant.
    Japan's 'psychic' octopus killed, turned into sashimi

    Japan's 'psychic' octopus killed, turned into sashimi

    Rabiot managed to correctly predict Japan's win against Colombia , their draw with Senegal , and their loss against Poland . He did this by swimming to various corners of a small paddling pool, each labeled Win, Lose, or Draw.
  • Moses Sumney Cancels Montreal Jazz Fest Set Over Controversial Musical

    Moses Sumney Cancels Montreal Jazz Fest Set Over Controversial Musical

    At the premiere last week, about 75 protesters staged a demonstration outside the theatre that was hosting the performance. The show, which was directed by renowned Quebec playwright Robert Lepage, has been mired in controversy since the get-go.
    Drivers react to Georgia's new Hands-Free law

    Drivers react to Georgia's new Hands-Free law

    The Georgia State Patrol and local law enforcement agencies are out in full force, looking for drivers violating the new law . For years, most Georgia teenagers have been prohibited from using phones and other wireless devices while driving.
    Working over 45 hours a week may up diabetes risk in women

    Working over 45 hours a week may up diabetes risk in women

    In this regard, long work hours have recently been linked with diabetes, but more high-quality prospective studies are needed. Working hours were divided into four groups - 15-34 hours, 35-40 hours, 41-44 hours and 45+ hours.
  • Look at services when griping about trade deficit — European Union  to Trump

    Look at services when griping about trade deficit — European Union to Trump

    The trade war could hurt multinational carmakers that sell imported USA vehicles in China. Chinese state media on Wednesday criticised the USA for imposing tariffs.
    Jar-Jar Binks Actor Says Media Backlash Made Him Suicidal

    Jar-Jar Binks Actor Says Media Backlash Made Him Suicidal

    The Phantom Menace has been a punching bag for Star Wars fans and detractors alike since its release in 1999. However, he managed to persist throughout it all, but "it's still hard to talk about", remarked Ahmed.
    England eliminates Colombia on penalty kicks

    England eliminates Colombia on penalty kicks

    Kieran Trippier has been one of the stars of the World Cup and his performance against Colombia was another terrific one. Colombia are usually a team that plays with a smile on its face, but too often in this game it was a nasty scowl.

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.