April 21, 2019 09:01 AM RSS

Donald Trump Demands for Congress To Pass Law Giving Him Unlimited Powers On Trade Being Called - The FART Act

  • Wall Street Rebel | James DiGeorgia
  • 07/03/2018 1:56 PM
Donald Trump Demands for Congress To Pass Law Giving Him Unlimited Powers On Trade Being Called - The FART Act


President Trump wants Congress to pass a law that allows him to abandon all rules governing current international trade. The proposed law is being ridiculed as The FART Act. A draft of the "United States Fair and Reciprocal Tariff Act” has been leaked and if it were passed it would allow President Trump to raise tariffs by himself, regardless of internationally agreed principles from the World Trade Organization,  Axios reported Sunday. 

The acronym “FART” has caught fire on social media when Trump’s former Communications Director Anthony Scaramucci referred to the proposed law by saying the "FART Act stinks." 

Scaramucci a Harvard Law School graduate went on to argue via his Twitter account... "American consumers pay for tariffs. Time to switch tactics."  

The ridicule online further blossomed as Scaramucci’s criticism drew greater and greater attention on Twitter…   

A New Republic reporter tweeted a suggested headline for a news story on the subject … “Trump's FART Act is Just Hot Air." 

Another Twitter user suggested... "Every member of Congress should be asked whether they would openly stand behind a FART Act." 

The WTO currently abides by the “most favored nation” principle that countries must treat products from different trading partners equally if they do not have specific free trade agreements such as NAFTA, TPP or APTA.

The FART Act would eliminate the ceilings on tariffs Trump could impose on imports to the United States without Congressional or International approval or negotiation. 

Trump’s imposition of huge punitive tariffs on steel and aluminum had been argued as still complying with WTO rules - under the exception for national security, though U.S. allies in the European Union are calling the national security claim phony and are filing complaints with the WTO challenging the rationale.

Conclusion

Despite the tremendous benefits of the WTO, President Trump called the WTO a “disaster”.  Administration officials like Treasury Secretary Steve Mnuchin denied recent reports Trump wants to pull out of the organization and called reports of a Trump exit from the WTO an exaggeration.

Become A Wall Street Rebel

[Image: Pile of cash]
Rebel Yell Morning Market Report
Market Alerts     Special Offers
Free subsciptions to affiliated products based on my profile

Latest News