Leaked Trump bill would abandon key WTO rules: Axios
BY JULIA MANCHESTER at the Hill
http://thehill.com/homenews/administration/395102-leaked-trump-bill-would-abandon-key-wto-rules-axios
"SNIP........
A leaked copy of draft Trump administration legislation shows that the U.S. would abandon fundamental rules of the World Trade Organization (WTO), according to Axios, which obtained the copy of the bill.
The United States Fair and Reciprocal Tariff Act would reportedly provide President Trump with the authority to ignore two monumental principles of the WTO and take part in bilateral negotiations with any country.
According to Axios, the legislation shows the abandonment of the "Most Favored Nation" (MFN) principle, which says that countries are not allowed to set different tariff rates for different countries outside of free trade agreements.
The bill also does away with "bound tariff rates," which are tariff limits that each WTO member country has agreed to, Axios reported.
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