Economy

The World Was Not Ready For Donald Trump’s Enormous FART… Act

The World Was Not Ready For Donald Trump’s Enormous FART… Act”

The European Union's (EU) top two officials warned about greater trade tensions with the U.S. as President Donald Trump weighs tariffs on foreign cars after irking American allies with metal-import levies.

The EU on Friday submitted comments warning the U.S. Commerce Department that U.S. import tariffs on cars and vehicle parts were unjustifiable and would harm America's automotive industry and likely lead to counter-measures by its trading partners on $294 billion of U.S. exports.

If adopted the bill would dramatically affect world trade but it is the bill's acronym, the Fart Act, that has grabbed the attention of the Twitterati for now. "Most countries agree that they must be changed, but nobody ever asked!"

Morici also criticized China's unfair trade practices, including the country's alleged theft of intellectual property.

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.

Trump ordered the draft legislation and was briefed on it in May, Axios first reported, citing sources familiar with the situation, and the report said most officials involved in crafting the proposal believe it is "unrealistic or unworkable".

But many diplomats say quitting the WTO would not be in the United States interest, and the WTO has said it has never had any indication of Mr Trump intending to leave.

Trump has struck United States allies with tough tariffs and is planning to impose tough trade penalties on China later this week.

"There is no doubt that we could improve the WTO, but to say that the United States is a "loser" in a world led by this organization is simply inaccurate", Fratto added.

In the document dated June 29, Moscow accused Washington of multiple violations of global trade rules, and formally asked the United States for "consultations" over tariffs of 25 per cent on steel and 10 per cent on aluminium. U-S President Donald Trump said last week that the study would be completed in three to four weeks.

Amid a separate USA dispute with China over intellectual property and in the wake of news reports that Mr Trump has considered withdrawing from the WTO, Mr Tusk stressed an agreement by the EU's national leaders last week to press for improvements in the way the Geneva-based global trade arbiter operates.



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