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'FART' Bill Indicates Trump's Intention to Dump WTO

posted by martyb on Tuesday July 03 2018, @06:17AM   Printer-friendly
from the He-Who-Smelt-It dept.

An Anonymous Coward writes:

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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  • (Score: 2) by acid andy on Friday July 06 2018, @01:12PM

    by acid andy (1683) on Friday July 06 2018, @01:12PM (#703466) Homepage Journal

    Every effort a human being takes that betters someone's life (including their own) has created wealth from nothing but said effort. Torvalds, for instance, has created insane amounts of wealth with money barely even entering into the equation.

    I'm not so sure. If the customer gains more in terms of value than they pay for the good or service it seems to me that that is approaching charity rather than capitalism. Giving value away for free means you lose out on potential profits and end up less wealthy than you otherwise would have been.

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