Trump Administration Drafting Bill to Pull U.S. Out of WTO?

Jim Rogers Industry News Release

World Trade OrganizationThe website AXIOS, as well as AOL, are both reporting that the Trump Administration has drafted a bill that would abandon the United States’ commitment to the World Trade Organization’s rules. Trump has reportedly been discussing the withdrawal of the U.S. from the WTO altogether. However, Congress is unlikely to approve the measure. Administration officials involved in drafting the legislation tell AXIOS that the idea is “insane.”

The draft bill would reportedly give the president the power to ignore the international trade rules set by the World Tradt Organization, according to a draft copy obtained by AXIOS. The draft bill is known as the United States Fair and Reciprocal Tariff Act, which would essentially allow President Trump to unilaterally raise tariffs without Congressional approval.

The WTO maintains a rules-based system meant to resolve international trade disputes, end unfair trade practices, and head off potential trade wars. But, the president has reportedly said foreign countries use the organization to “screw over the United States.” Should the U.S. actually walk away from the WTO, it would undermine the entire system of trade rules agreed upon by the international community.

 

From the National Association of Farm Broadcasting News Service.