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What is in Donald Trump’s explosive new draft tariff act and why is it so alarming?

"A draft bill titled the “Fair and Reciprocal Tariff Act” has been leaked from the White House.
What does the FART bill propose?
But doesn’t he already have this power?

Aside from its unfortunate acronym (FART), the document is notable for its proposals, which would effectively blow up the global trading system.

But what exactly are they? What chance that we will actually see them implemented? And what would the implications be?

Essentially it would give President Trump sweeping powers to hit other countries with new tariffs as and when he saw fit, based only on his administration’s view on where the principles of “fair trade” are being abused by other countries.

Not formally.

Raising tariffs is usually the prerogative of Congress, not the president.

The recent steel and aluminium levies were imposed by Trump directly himself on the bogus pretext of imports representing a “national security” threat to the US. And some senators are challenging his right to do this.

What the FART bill would do is to remove even the possibility of any such challenge. It would constitute an arrogation of tariff-raising power to the executive at the expense of the legislature."

Read further:  

Web-link: http://www.independent.co.uk/news/business/analysis-and-features/donald-trump-fa...
Language: English
Contact: Ben Chu