Never missing an opportunity to undermine the U.S.'s world trade position, while pleasing his leaders in the Kremlin, neo-fascist malignant nincompoop Donald "Rump" Trump and his neolithic economic advisors are apparently looking for a way to leave the World Trade Organization (WTO). From a report from Axios:
"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:
1) The "Most Favored Nation" (MFN) principle that countries can't set different tariff rates for different countries outside of free trade agreements;
"2) Bound tariff rates" — the tariff ceilings that each WTO country has already agreed to in previous negotiations."Some have already taken to abbreviating the bill as the "U.S. FART Act." According to the report, the bill would take away Congress' consent on tariffs and give Rump carte blanche, and void international rules on tariffs and remove us from internationally agreed-to rules on trade. Axios quotes a source familiar with the bill, calling it "insane" and saying Congress wouldn't give Rump such broad authority (ed. -- don't be so sure). Rump's own legislative affairs director is reported to have said such a bill would be "dead on arrival" in Congress.
While this is probably only a way for Rump to show his economic isolationist base that he's serious about his "America First" nonsense before the mid-terms, it's still dangerous and disruptive to even float such a piece of dangerous twaddle with our allies and adversaries alike watching and wondering what the Very Stable Genius will do next.
BONUS: FTW --
Folks, I’m gonna go out on a limb and suggest that the Fair and Reciprocal Trade Act is foul, but mostly hot air. https://t.co/uQ0mtmcEB4— Daniel W. Drezner (@dandrezner) July 2, 2018
