Published: Вт, Июля 03, 2018
Business | By Kate Woods

Trump threatens to leave WTO after European Union warning on vehicle tariffs

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. "And we're not planning anything now, but if they don't treat us properly, we'll be doing something", Trump said, without elaborating.

President Donald Trump has drafted a new bill which would allow him to raise USA tariffs at will, tearing up World Trade Organization (WTO) rules, according to leaked documents obtained by Axios. CNN confirms the existence of the leaked proposal, called the United States Fair and Reciprocal Tariff Act.

The draft bill published by Axios did not mention the WTO, but its report said the law would allow the United States to disregard tariff limits agreed at the WTO since 1995.

It would also allow "reciprocal tariffs", so Trump could impose USA tariffs on particular goods equal to the tariff charged on US exports of those goods by another country.

"The measures at issue, separately or together, appear to be inconsistent with the obligations of the United States" under a long line of global trade agreements, the text said.

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White House spokeswoman Lindsay Walters told Axios that the administration was not preparing to roll out such legislation. "They want to see if they can work something out, and that'll be good, and if we do work it out, that'll be positive, and if we don't, it'll be positive also, because we'll just think about those cars that pour in here, and we'll do something, right?"

The move means Russian Federation has joined other powerful WTO members - including the European Union, China, India, Mexico and Canada - in fighting back against President Donald Trump's controversial trade policies.

The submission said that tariffs on cars and vehicle parts could undermine USA auto production by imposing higher costs on US manufacturers.

Moscow warned in May that it would retaliate against American products to the tune of almost US$540 million, an amount it said was equivalent to the damage likely to be caused to its domestic industry by the United States moves.

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