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The Trump administration has crafted a draft bill — ordered by the president — that would declare America's abandonment of World Trade Organization rules, according to Axios. The bill essentially provides President Donald Trump — who has argued for a better position for the U.S. in big trade pacts — a license to raise U.S. tariffs at will, without congressional consent and largely outside of the international rules governed by the WTO. The bill, titled the "United States Fair and Reciprocal Tariff Act," would give Trump unilateral power to ignore the two most basic principles of the WTO and negotiate one-on-one with any country.
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'FART' Bill Indicates Trump's Intention to Dump WTO
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Can anyone remember when the times were not hard, and money not scarce?
(Score: 4, Informative) by nobu_the_bard on Tuesday July 03 2018, @12:17PM (1 child)
There's been a lot of stories about the WTO lately. This is not all the US is doing.
* Currently the US is vetoing all judicial appointments until the WTO agrees to always decide cases as directed by the US. This is a Trump administration policy. The WTO is undermanned right now because of unfilled positions. Example source: https://www.reuters.com/article/us-usa-trade-wto/diplomats-search-for-way-to-save-trade-system-after-u-s-vetoes-judges-idUSKBN1DR2PR [reuters.com]
* The US recently said it will be canceling all proceedings that exceed the 90 day time limits for rulings in disputes being worked on. Strictly speaking it has authority to do this but nearly everything that goes through the WTO is behind schedule because the scale it operates at is so huge and complicated. Things were just being allowed to proceed anyway and the 90 day time limit had become something of a relic. Did I mention the WTO is also undermanned and now the workload pace is increasing as a result of all this? Example source: https://www.reuters.com/article/us-usa-trade-wto/u-s-unveils-new-veto-threat-against-wto-rulings-idUSKBN1JI22J [reuters.com]
(Score: 2) by HiThere on Tuesday July 03 2018, @06:28PM
But there's still the question of whether it would work better if the US pulled out.
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