United States will act if not treated properly — Trump warns WTO

Eileen GuzmanJul 06, 2018

Trump is reportedly considering a draft bill that would give him authority to ignore World Trade Organization (WTO) rules and increase United States import tariffs.

The act would allow Trump to ignore the WTO's "most favoured nation" principle, which stops countries trading on different terms with different trading partners unless they have a formal trade agreement, Axios said.

"If you look at the way China steals our intellectual property, we could complain to the WTO and might win on a specific case, but it could take five years and by the China has the property".

"The increase in the ISM manufacturing index in June is a clear sign that, for now at least, the strength of the domestic economy is more than offsetting any increased uncertainty on trade policy", said Michael Pearce, Senior U.S. Economist at Capital Economics.

Last week, a source familiar with Trump's thinking told Reuters that the president has privately expressed a desire to quit the WTO, but that it was not a serious proposal.

The warning comes amid increasingly contentious trade negotiations between the White House and a range of US trade counterparts who are being threatened with boosted tariffs and protectionist measures, including Mexico, China, Canada and most recently, the European Union.

Walters did, however, reiterate Trump's frustrations with the existing trade system, which he sees as unfair to the US.

Another relevant development concerns the United Kingdom whose loss of European Union benefits caused by Brexit will unlikely be counterbalanced by a special trade agreement with the U.S. if the latter does quit the WTO, this way creating another potential for deterioration of the United Kingdom economy. "We're focused on fixing the system".

On Sunday, Canada retaliated against Trump's steel and aluminum tariffs by imposing tariffs on about $13 billion worth of USA exports.

The proposal would likely face significant headwinds in Congress, including from Trump's own party, which has embraced free trade agreements and bristled at the administration's tariffs on key USA trading partners.

Those statements follow the presidents comments about the bloc's treatment of trade deals with the U.S.

The EU exported 37.4 billion euros ($43.6 billion) of cars to the United States in 2017, while 6.2 billion euros worth of cars went the other way.

The bill was named the United States Fair and Reciprocal Tariff Act - immediately dubbed the FART Act. "It's appalling what they do to us", prior to citing the "car situation".

The submission said that tariffs on cars and vehicle parts could undermine USA auto production by imposing higher costs on US manufacturers. Both sets of tariffs would be based on concerns about USA national security.

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