Trump denies plan to pull out of WTO

Trump denies plan to pull out of WTO

Leaked legislation indicated that the U.S. may pull out of the World Trade Organisation (WTO).

"Building on our long history of developing solutions to enable trade, ICC is convening businesses and other thought leaders around a "second track" dialogue platform with key global institutions".

It now has 164 member countries, which represent 98% of the global GDP and 95% of all global trade.

Amid a separate United States dispute with China over intellectual property and in the wake of news reports that Mr Trump has considered withdrawing from the WTO, Mr Tusk stressed an agreement by the EU's national leaders last week to press for improvements in the way the Geneva-based global trade arbiter operates. He also reportedly advisors that he doesn't know "why we're in it".

EU President Donald Tusk said Europe must be prepared for "worst-case scenarios" in global commerce, echoing an alarm he sounded before a European summit last week.

These are a prohibition on nations setting different tariff rates for different countries outside of free trade agreements, and the established tariff ceiling that WTO members have agreed to.

If passed as is, the Fart Act would give the president the power to raises tariffs without congressional consent and to sidestep worldwide rules.

"Reform of the global trading system is undoubtedly needed, but abandoning WTO rules would create a major risk to inclusive growth across the US and throughout the world".

"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.

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

A White House spokeswoman told Axios that the bill was only a draft.

While the U.S. can exit the WTO, it's uncertain whether Trump could do so without approval from Congress, where many lawmakers - including Republican proponents of free trade - would likely put up a fight.

Some Twitter uses have said the bill's acronym "stinks".

The bill, known as the US Fair and Reciprocal Tariff Act, essentially provides Trump a license to raise US tariffs at will, without congressional consent, Axios said.