Trump warns WTO: US will act if not treated properly

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A leaked early draft of the United States Fair and Reciprocal Act, reportedly ordered by Donald Trump, details how the U.S. plans to abandon fundamental World Trade Organisation (WTO) rules. That means any European retaliation over auto tariffs introduced by Mr Trump would likely target a bigger sum of American goods exported to Europe than the amount hit by the European measures responding to the metal levies.

The bill was named the United States Fair and Reciprocal Tariff Act - immediately dubbed the FART Act.

US President Donald Trump meets with Dutch Prime Minister Mark Rutte in the Oval Office at the White House in Washington July 2, 2018. "Most countries agree that they must be changed, but nobody ever asked!"

In an interview with CNBC, one of the founders of Hamilton Place Strategies, Tony Fratto, said that the picture is clear: "We are definitely in a trade war". Titled the "United States Fair and Reciprocal Tariff Act"-or, as many media outlets have been calling it, the less flattering "FART Act"-the legislation was first leaked to Axios on Sunday evening".

"There is no doubt that we could improve the WTO, but to say that the United States is a "loser" in a world led by this organization is simply inaccurate", Fratto added. U.S. news website Axios cited sources saying Trump had repeatedly told his top officials he wanted to exit the world body, which Washington helped design and most often ruled in favour of the USA when Washington brought cases before it.

"The only way this would be news is if this were actual legislation that the administration was preparing to rollout, but it's not", Walters told the publication.

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Notably, the official was displeased with the leak of the bill's text, suggesting it was put out to pressure key figures within the administration who have opposed Trump's hardline instincts on tariffs.

"They have to treat us fairly", Trump said Friday about the WTO.

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

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".

Moscow considers that the 25 percent tariffs on the entry of steel to North American soil and 10 on aluminum in no way are in accordance with WTO agreements on commercial tariffs, signed in 1994.

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