Look at services when griping about trade deficit — European Union to Trump

06 July, 2018, 01:35 | Author: Mary Valdez
  • The Trump Team Has Reportedly Been Drafting Something Called The ‘FART Act

Adding to the concerns, news website Axios obtained a leaked draft of bill ordered by President Donald Trump that would declare America's abandonment of fundamental World Trade Organization rules.

Late last week, Treasury Secretary Steven Mnuchin rejected allegations that President Donald Trump wants the USA to withdraw from the World Trade Organization (WTO).

The WTO's rules are created to settle worldwide trade disputes, end unfair trade practices, and prevent potential trade wars, but Trump reportedly says that foreign countries use the organisation to "screw the United States".

"It would be the equivalent of walking away from the WTO and our commitments there without us actually notifying our withdrawal", said a source familiar with the bill.

Trump early Tuesday tweeted that the USA economy is "doing perhaps better than ever before, and that's prior to fixing some of the worst and most unfair trade deals ever made by any country".

In an interview with Reuters last week, an unnamed source said that the President has privately expressed a desire to quit the WTO, but that it was not a serious proposal.

Walters did, however, reiterate Trump's frustrations with the existing trade system, which he sees as unfair to the US.

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Lingering trade concerns are likely to weigh on the markets as tariffs on USD34 billion worth of Chinese imports to the U.S. and a matching USD34 billion worth of United States exports to China are due to take effect on July 6th. "We're focused on fixing the system".

"If we do work it out, it'll be positive and if we don't it'll be positive also", Trump said.

The global commercial order is being shaken by the Trump administration's use of an obscure United States trade-law provision on national security to justify steel and aluminum tariffs against a host of countries including defence allies.

On Tuesday, the European Union along with China, Japan and Russian Federation cautioned the US that imposing tariffs on cars and car-parts would harm the American automotive industry. His initial insistence that he would completely revise NAFTA or simply junk the deal has thrown the fate of the trade accord into question, while his promise to build a wall at the U.S. -Mexico border and make Mexico pay for it through new taxes on Mexican imports would be a major transgression against laws established by the WTO.

European Commission President Jean-Claude Juncker plans to travel to Washington this month to discuss Trump's trade dispute with his bloc.

In this January 2017 photo, cars are parked waiting to be exported at Yokohama port near Tokyo.

Under the bill, Trump would be able to impose tariffs without congressional consent. "I guess that producers of trucks in the US that now enjoy the protection of a 20 percent tariff would not be very eager to surrender that protection", she said. On top of the tariff intimidations, the European Commission is also deemed to have cautioned Trump that his behavior can "cause yet another disrespect of worldwide regulation" by the U.S., and stating that any auto tax would "harm further the status" of the nation.

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