Trump defends tariffs despite signs of trouble in global markets

Trump defends tariffs despite signs of trouble in global markets

"We face unfair trade barriers", the official said, adding, "something needs to be done". Legislative Affairs Director Marc Short earlier this year said that the bill was "dead on arrival" and would not receive support from Capitol Hill.

Now, Axios has obtained a leaked draft of a bill that is created to do just that, called the "United States Fair and Reciprocal Tariff Act". American consumers pay for tariffs.

As Axios explains, it circumvents two of the fundamental principles of the WTO: that of the "Most Favored Nation" and "bound tariff rates".

Trump has branded the WTO a disaster and flouted worldwide trade norms by hitting key allies with stinging tariffs and imposing crippling fee on Chinese goods in the name of United States national security.

The recovery attempt comes following the release of a report from the Institute for Supply management showing growth in USA manufacturing activity unexpectedly accelerated in the month of June. Trump directly requested this legislation and was verbally briefed on it in May.

More news: Suarez: Uruguay can cope without Cavani
More news: Katharine McPhee and David Foster Get Engaged
More news: Star Wars: Jar Jar Binks Actor Almost Ended His Life After Backlash

The bill was named the United States Fair and Reciprocal Tariff Act - immediately dubbed the FART Act. Administration officials involved in drafting the legislation tell AXIOS that the idea is "insane".

"They have to treat us fairly", Trump said Friday about the WTO.

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 draft bill is known as the United States Fair and Reciprocal Tariff Act, which would essentially allow President Trump to unilaterally raise tariffs without Congressional approval.

A trade official says Moscow has initiated a dispute complaint against the US over the 25 per cent tariffs on steel and 10 per cent tariffs on aluminum, by circulating the request Monday among WTO members in Geneva.

"As (Treasury) Secretary (Steven) Mnuchin and the President have said, that is not accurate that the United States is leaving the WTO (sic)", White House Press Secretary Sarah Sanders told reporters at her daily news conference.

Related Articles

  • Canada Imposes Retaliatory Tariffs on US Goods

    Canada Imposes Retaliatory Tariffs on US Goods

    That's about 86 percent of all U.S. global aluminum door and window exports, according to statistics from the U.S. He says Canada's economy is much smaller than the US , and it relies heavily on trade with its southern neighbor.
    Three lenses on a smartphone? How about nine instead?

    Three lenses on a smartphone? How about nine instead?

    Tech Crunch has stated that they have reached out to Light for more information, though no news has been returned as of yet. For those who do not know the brand, Light is a for-profit company focused on revolutionizing the photo industry.
    Red Bull wins Austria GP, Ricciardo aborts

    Red Bull wins Austria GP, Ricciardo aborts

    He managed to get through 57 laps on the super soft tyre to be just outside the top 10, with a pit stop needed to get home, when his gear box failed.
  • Trump Interviews 7 Supreme Court Candidates, Including Mike Lee

    Trump Interviews 7 Supreme Court Candidates, Including Mike Lee

    While Kennedy was a conservative, he proved to be a somewhat unpredictable "swing" vote over his long career. Shortly after he was elected in 2016, in an interview with CBS's "60 Minutes" , Trump said "I'm pro-life".
    Three suspects charged in 2017 Los Angeles kidnapping of actors

    Three suspects charged in 2017 Los Angeles kidnapping of actors

    Other charges include assault with a firearm, grand theft, mayhem, conspiracy and possession for sale of a controlled substance. Three suspects are accused of kidnapping the actress and her friend as part of a $10,000 ransom plot.
    Delayed 'Fortnite' Playground practice mode is finally online

    Delayed 'Fortnite' Playground practice mode is finally online

    Attempt to choose " Don't fill " on Playground mode right now, though, and there's a good chance you won't be able to select it. Unlike Save the World , Fortnite Battle Royale is a free-to-play mode now available to download on most major platforms.
  • China will counterpunch USA  with $34 billion in tariffs

    China will counterpunch USA with $34 billion in tariffs

    Both Chinese and USA business sources in China said there appeared to be little hope that the tariffs could be averted. Still, China's stance is striking given Washington's deep economic and security ties with European nations.
    Astronomers report 1st image of baby planet being formed

    Astronomers report 1st image of baby planet being formed

    The image confirms newborn planets slice through these disks leaving holes and rings in their wake, researchers have said. As a effect , the planet appears to slowly rotate, changing its location on the image with respect to the stellar halo.
    Neymar Finally Takes Charge While Belgium Are Comeback Kings

    Neymar Finally Takes Charge While Belgium Are Comeback Kings

    A video review reversed the decision to award a penalty kick and Neymar's frustrations a few minutes later led to a yellow card. In a delayed reaction, Neymar made the most of Layun stepping on his ankle, rolling around with his hand covering his eyes.
  • Roger Federer rolls past Lacko to tie Jimmy Connors' record — ATP Wimbledon

    Roger Federer rolls past Lacko to tie Jimmy Connors' record — ATP Wimbledon

    He said he "felt good" and "less nervous" than he did in his previous match, his first-round win over Dušan Lajović on Monday. Asked if her wealth of Wimbledon experience was a key factor, Venus said: "I'd love to have that extra advantage".
    Roger Federer, Serena Williams cruise into third round at Wimbledon

    Roger Federer, Serena Williams cruise into third round at Wimbledon

    The ninth-seeded American had struggled in the opening set of her first-round match with Johanna Larsson, but roared back to win. But she was broken again in the final game, becoming the fifth of the top eight women's seeds to lose before the third round.
    Hyundai Says FCA Buyout Rumor Is

    Hyundai Says FCA Buyout Rumor Is "Totally Groundless"

    With this new possiblity coming to light, more news involving Hyundai and FCA could still keep blips on the industry's radar. His primary target for such a tie-up was General Motors , but he reportedly at least investigated other partners .