Trump initiates new bill to abandon World Trade Rules

[BladesNBarrels]

draft bill to abandon world trade rules the 'FART Act'


The draft bill, known as the "United States Fair and Reciprocal Tariff Act," would essentially allow President Donald Trump to unilaterally raise tariffs without Congress' 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 Trump has reportedly said (http://www.businessinsider.com/trump-leave-world-trade-organization-wto-2018-6?utm_source=referral&utm_medium=aol) that foreign countries use the organization to "screw the United States."
Should the US walk away from the WTO, it would undermine the entire system of trade rules agreed upon by the international community.

[Martinjmpr]

Uh, separation of powers? Tariffs are taxes, aren't they?

Do we want to create a situation where the president can unilaterally raise a tax without Congressional actions? I don't even think that would pass Constitutional muster.

Might want to think this one through....

[Zundfolge]

Yeah, I really don't want to give this kind of power to a future President Harris or President Ocasio-Cortez.

But how does leaving the WTO automatically give him the power to unilaterally raise tariffs without congressional approval? I'm smelling a little FUDD here.

You got a good source for this ... all I find is an article on Business Insider (which is basically Buzzfeed for people in the financial sector)?

[BladesNBarrels]

You got a good source for this ... all I find is an article on Business Insider (which is basically Buzzfeed for people in the financial sector)?
Was a headline on AOL when I signed in - yep, Business Insider saying that it is being reported by Reuters.
Text of Bill according to them:
https://www.documentcloud.org/documents/4568881-United-States-Fair-and-Reciprocal-Tariff-Act.html#document/p4

Now, I feel like a Twitter or Facebook whore passing on fake news without double checking

[Bang]

[BladesNBarrels]

Uh, separation of powers? Tariffs are taxes, aren't they?

Do we want to create a situation where the president can unilaterally raise a tax without Congressional actions? I don't even think that would pass Constitutional muster.

Might want to think this one through....

Must be some powers of the presidency there - he raised the tariffs on aluminum and steel without consulting congress?

[RblDiver]

I hate people referencing this as the "FART Act." I mean, it's the Fair And Reciprocal Trade Act. You HAVE to reference it by its proper name: "THIS. IS. FARTA!"

[BladesNBarrels]

I hate people referencing this as the "FART Act." I mean, it's the Fair And Reciprocal Trade Act. You HAVE to reference it by its proper name: "THIS. IS. FARTA!"

Not to be confused with FATAH

(formerly the Palestinian National Liberation Movement)