Published: Wed, July 04, 2018
Markets | By Otis Pena

The World Was Not Ready For Donald Trump’s Enormous FART… Act

Anthony Scaramucci, who was Trump's communications director for 10 days a year ago, said the draft bill "stinks" because it would ask United States consumers to pay for tariffs.

A Russian official told the WTO meeting that the issue of USA investigations had been raised over the past year in different WTO meetings, only to see things change for the worse.

Trump, she said, would like to see the system get fixed, and that's what he's focused on doing.

Peter Morici, former chief economist at the U.S. International Trade Commission, said on Tuesday the United States shouldn't leave the World Trade Organization (WTO), but rather kick China out of it. "But he certainly voiced frustration, and he's been clear that he has concerns that there are a number of aspects that he doesn't believe are fair".

Trump's aggressive stance has roiled United States relations with allies and trading partners from Europe to China.

Trump and Rutte will both be attending next week's North Atlantic Treaty Organisation meetings.

"The Russian Federation has requested WTO dispute consultations with the United States regarding U.S. duties on certain imported steel and aluminum products". But many diplomats say quitting the WTO would not be in the USA interest, and the WTO has said it has never had any indication of Trump intending to leave. Trump has already attacked individual countries, raising 25% steel and 10% aluminum tariffs on Canada, Mexico, the European Union, and China.

Facebook shuts down three mobile apps, including fitness tracker Moves
User data associated with the apps will be deleted within 90 days, the social network said in announcing the closures. You'll no longer be able to log into Moves after July 30, but you can export your data to avoid losing your logs.

Trump said last week that the government would complete its study soon and suggested the United States would take action, having earlier threatened to impose a 20 percent tariff on all EU-assembled cars.

The European Commission, the EU executive body that handles trade for the bloc, said on Monday it was trying to convince its USA counterparts that imposing such tariffs would be a mistake.

The EU exported 37.4 billion euros ($43.6 billion) of cars to the United States in 2017, while 6.2 billion euros worth of cars went the other way.

Over 40 WTO members, including the 28 countries of the European Union - warned that the USA action could seriously disrupt the world market and threaten the WTO system, given the importance of cars to world trade.

"Russia claims the USA duties of 25% and 10% on imports of steel and aluminum products respectively are inconsistent with provisions of the WTO's General Agreement on Tariffs and Trade (GATT) 1994 and the Agreement on Safeguards", the WTO press service reports.

The United States has imposed tariffs on European steel and aluminium imports and is conducting another national security study that could lead to tariffs on imports of cars and vehicle parts.

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