Markets

European Union to Trump: Look at services when griping about trade deficit

European Union to Trump: Look at services when griping about trade deficit

"If we do work it out, it'll be positive and if we don't it'll be positive also", Trump said.

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

Now, Axios has obtained a leaked draft of a bill that is created to do just that, called the "United States Fair and Reciprocal Tariff Act". "American consumers pay for tariffs", Scaramucci said.

These are a prohibition on nations setting different tariff rates for different countries outside of free trade agreements, and the established tariff ceiling that WTO members have agreed to.

Former U.S. International Trade Commission Economist Peter Morici on President Trump's concerns about the WTO, Europe's migrant crisis and the state of the U.S. economy.

Trump personally ordered the bill be drafted, according to the report.

Unless they acted deliberately, the aides who crafted the Trump bill missed one of the key habits of those tasked with putting legislative ideas on paper.




Entitled the United States Fair and Reciprocal Tariff Act, the bill would abandon two fundamental WTO rules, according to the outlet, which reported it had obtained a draft copy. The Axios report says most of the Trump officials who worked up the proposal think it's unrealistic, and that has led to speculation that staffers gave it the unfortunate acronym on goal, notes Business Insider.

However, the source noted Congress would never give the president the authority, and a White House spokeswoman told Axios the administration does not have actual legislation it is preparing to rollout.

"He wrote on Twitter: "'The world is laughing at us, ' says Trump, before proposing the FART Act (Fair and Reciprocal Tariff Act)".

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

Lingering trade concerns are likely to weigh on the markets as tariffs on USD34 billion worth of Chinese imports to the United States and a matching USD34 billion worth of U.S. exports to China are due to take effect on July 6th.

In the document dated June 29, Moscow accused Washington of multiple violations of worldwide trade rules, and formally asked the USA for "consultations" over tariffs of 25 per cent on steel and 10 per cent on aluminium.


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