Is Trump To Push The US FART Act?

Forex News

According to the Axios news website, Donald Trump has ordered the drafting of legislation that basically neglects the WTO rules. Steven Mnuchin (U.S. Treasury Secretary) immediately condemned the Axios report, claiming that the latter was "wrong" and "an exaggeration".

The Axios then issued a "United States Fair and Reciprocal Tariff Act" draft bill. This act would allow "reciprocal tariffs", suggesting that the US could impose tariffs on certain products equal to the tariff charged on U.S. exports of those products by another country. The bill was already named "insane" and Congress would never accept it, the majority says.

Lindsay Walters (White House spokeswoman) claimed the government isn’t considering the legislation and one World Trade Organization official said: "I'm not taking this too seriously".