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

04 July, 2018, 17:27 | Author: Brooke Harris
  • Stocks mostly lower as China-US tariffs moves loom

His comments came after the Axios news website reported that Trump's administration has drafted proposed legislation that would allow Trump to raise tariffs at will and negotiate special tariff rates with specific countries - two basic violations of WTO rules.

China said Tuesday it's "fully prepared" for a trade war with the United States as hopes dwindle for a breakthrough in tensions this week between the world's two biggest economies.

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

According to Axios, Trump was briefed on the bill in May, but it hasn't yet been reviewed by key economic advisers.

"We agree with nearly all the complaints the USA has against China, it's just we don't agree with how the United States is handling it", another diplomat said. American consumers pay for tariffs.

Trump also said U.S. officials would meet soon with European counterparts to discuss a spate over trade tariffs, saying the European Union wanted to "work something out".

Russian Federation edge out Spain to enter QF
It was the classic "tiki-taka" style that led to a World Cup title in 2010, bookended by a pair of European Championships. La Roja's best chance came through Andreas Iniesta, who was a substitute for the first time in the tournament.

The drafted bill, "essentially provides Trump a license to raise USA tariffs at will, without congressional consent", according to the Axios website. Trump has already attacked individual countries, raising 25% steel and 10% aluminum tariffs on Canada, Mexico, the European Union, and China.

The bill has the support of trade adviser Pete Navarro, who thinks it would appeal Democrats, but not many others.

Axios quoted a source familiar with the bill as saying it was "insane" and that congress would never consent to it.

White House spokeswoman Lindsay Walters told Axios that Trump has asked for ideas on how to address "the unfair imbalance of tariffs that put the U.S.at a disadvantage". Jean-Claude Juncker, head of the European Commission, the 28-nation bloc's executive arm, said Mr Trump's fixation on a U.S. trade deficit in goods ignores a services surplus.

US officials in Geneva, home of the WTO, did not immediately respond to a request for comment on Monday.

If the goal was to get lower tariffs for USA exports, Trump could do that by negotiating trade agreements, he said.

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