Jul.5--THE Trump administration has drafted a proposed United States Fair and Reciprocal Trade Act that would provide for abandoning World Trade Organisation (WTO) rules, reports American Shipper.
But White House spokeswoman Lindsay Walters said the administration is not prepared to present the draft legislation, adding that "principals have not even met to review any text of legislation on reciprocal trade".
"It is no secret that POTUS has had frustrations with the unfair imbalance of tariffs that put the US at a disadvantage," said Ms Walters.
"He has asked his team to develop ideas to remedy this situation and create incentives for countries to lower their tariffs. The current system gives the US no leverage and other countries no incentive," she said.
The proposal would require the executive branch to consult with the Senate Finance and House Ways and Means committees and with executive branch trade advisory committees, but these exterior institutions wouldn't be required to formally sign off on any additional tariff amounts the president might decide to impose.
(Source:shippingazette)