Wednesday, 19 September, 2018

Scaramucci mocks draft of Trump trade bill as 'FART Act'

Command Command
Orlando Vargas | 05 July, 2018, 15:06

In an interview with CNBC, one of the founders of Hamilton Place Strategies, Tony Fratto, said that the picture is clear: "We are definitely in a trade war".

Some Twitter uses have said the bill's acronym "stinks".

"Imposing tariffs will increase costs for consumers, lessen consumer choice, lower consumer demand, reduce vehicle and light truck production and sales, lower investment levels, and lead to job losses in the USA auto sector", Matt Blunt, president of the American Automotive Policy Council, said in a statement.

If passed, it would give the President unilateral power to ignore the two most basic principles of the WTO and negotiate one-to-one with any country: The 'Most Favoured Nation (MFN) principle, and bound tariff rates.

President Donald Trump has drafted a new bill which would allow him to raise USA tariffs at will, tearing up World Trade Organization (WTO) rules, according to leaked documents obtained by Axios.

Axios reported that most of the officials who wrote the draft accept that it is untenable. Trump directly requested this legislation and was verbally briefed on it in May.

The bill - the existence of which has not been independently confirmed - would be a dramatic shift in trade policy with wide-reaching impacts, but it was the name of the proposed bill that caught people's attention.

Five killed in Maharashtra's Dhule by villagers after child-lifting rumour
WhatsApp said in a blog post that it would institute awards for research on "spread of misinformation " on its platform.


Real Madrid deny making offer for Neymar
The statement was published hours after Neymar scored to help Brazil beat Mexico 2-0 and advance to the World Cup quarterfinals. Neymar's future has been the subject of intense speculation over the past few months and a return to La Liga has been discussed.


Chinese Tariffs On US Goods To Take Effect From July 6
The name was leaked by news website Axios , which had earlier reported that the USA president wanted to leave the WTO. China's Foreign Ministry did not immediately respond to a request for comment on Beijing's summit aims.


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

Axios reported on Friday that Trump wanted to leave the WTO, a story dismissed by U.S. Treasury Secretary Steve Mnuchin as "wrong" and "an exaggeration".

"We're not planning anything now, but if they don't treat us properly we will be doing something", Trump said.

The IMF report released Tuesday also said US officials consider tariffs "as a step toward creating the leverage needed to achieve more free, fair and reciprocal trade".

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.

The same source added that for now Trump's aides have managed to "push back" against the idea of the U.S. leaving the WTO by ensuring that the country actually "does well" in the organization.

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