President Trump's proposed FART Act mocked on Twitter for name oversight

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The WTO's rules are created to settle worldwide trade disputes, end unfair trade practices, and prevent potential trade wars, but Trump reportedly says that foreign countries use the organisation to "screw the United States".

Last Friday the outlet had reported that Trump had asked aides about pulling the US out of the WTO, and said the world had used the organization to "screw the United States".

He says the WTO has treated the U.S. "very badly and I hope they change their ways".

The bill - known as the "United States Fair and Reciprocal Tariff Act" - would allow the US President to raise US taxes on imports and exports, completely undermining the whole World Trade Organisation (WTO) system, according to a leaked draft obtained by news site Axios.

The bill would give Trump unilateral authority to alter tariff negotiations with other countries and abandon WTO rules. reports that it would essentially let Trump skirt congressional approval to start trade wars.

The Russian delegation in Geneva formally presented a request for consultation with the United States on this issue, though this really means the beginning of a commercial complaint before the body, capital's television highlighted. He says he's not "planning anything now" but if the WTO doesn't treat the USA properly, "we will be doing something". But, the president has reportedly said foreign countries use the organization to "screw over the United States".

Later on Monday, White House spokeswoman Sarah Sanders said Trump was focused on fixing problems in global trade, not on leaving the trade organization that has been a foundation of the postwar global trading system.

Trump early Tuesday tweeted that the US economy is "doing perhaps better than ever before, and that's prior to fixing some of the worst and most unfair trade deals ever made by any country".

"Reform of the global trading system is undoubtedly needed, but abandoning WTO rules would create a major risk to inclusive growth across the USA and throughout the world". Critics see the attitude of members states as reflective of their own narrow self-interest, with countries like Canada, Germany, China and the USA each prioritizing their own short-term financial gain rather than the "rules-based global order" favoring top-tier imperialist nations which the WTO's defenders are howling in defense of. He said the USA would continue meeting with the European Union about the trade issue, saying, "If we do work it out, that will be positive, and if we don't, it will be positive also".

In a first stage, U.S. stock markets may suffer from Trump administration's shift but in that whole "trade war" it appears the United States of America remains the biggest and the most powerful contender hence in a second stage a likely consideration by investors of US stocks as a safe haven. "American consumers pay for tariffs", Scaramucci said.

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