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Axios has obtained a leaked draft of a Trump administration bill — ordered by the president himself — that would declare America’s abandonment of fundamental World Trade Organization rules.
Why it matters: The draft legislation is stunning. The bill essentially provides Trump a license to raise U.S. tariffs at will, without congressional consent and international rules be damned.
The details: The bill, titled the "United States Fair and Reciprocal Tariff Act," would give Trump unilateral power to ignore the two most basic principles of the WTO and negotiate one-on-one with any country:
The "Most Favored Nation" (MFN) principle that countries can't set different tariff rates for different countries outside of free trade agreements;
"Bound tariff rates" — the tariff ceilings that each WTO country has already agreed to in previous negotiations.
"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.
originally posted by: Asktheanimals
I don't think it's a troll at all.
This is definitely Trump style all the way.
originally posted by: Metallicus
a reply to: Sublimecraft
Please let this be real...
I NEED for this to be real, lol.
originally posted by: dashen
The fart Act..
I envy my children's and grandchildren's history books
originally posted by: toysforadults
A. I hope it's real so I can laugh
B. the left is going to cry about this for more than a week before they lose focus
C. this is actually a good thing though if we can negotiate 1 on 1, that gives us the leverage back