Jumaili discusses with the Ambassador of Australia the procedures for Iraq's accession to the WTO

[Pitcher]

I was hoping by July 1st in April but now with the election setback I’ve moved my time frame for government stability and law passage

( absolute best case scenario) to Oct 1 2018.  Who really knows, for sure.  You read all the articles and you think we are close and boom, some obstacle we never heard of comes up,,,,,and we wait some more!!!

 

Im still of the opinion that nothing happens until the US gives the ok.  I may be way off but I think Trump May be using this reset as a negotiation tactic.  Have you EVER seen any President use every bit of US power, push back, and hard nosed barenuckle, in your face, negotiationing tactics on trade issues.  I’ve never seen anything like what Trump is doing and I’ve been around awhile.  

Go get em President Trump!!

[Pitcher]

This is a prime example of what I’m talking about by using extreme negotiation tactics and the Power of the USA

 

http://www.dailymail.co.uk/news/article-5906359/Trump-weighs-options-potential-large-scale-withdrawal-military-Germany.html

[Pitcher]

Here is another example right off today’s headlines of how President Trump will use the full Power of the USA. He’s not messing around, he’s got a plan and he expects the world to play fair with US interests, or else!!!

 

 

Trump team reportedly drafted a bill that abandons key WTO rules

 

President Donald Trump's administration has drafted a bill that allows the White House to unilaterally raise tariffs without congressional consent, Axios reported late on Sunday. If the legislation goes ahead, that means the world's largest economy would be abandoning the World Trade Organization rulebook.

The bill, called the "United States Fair and Reciprocal Tariff Act," ignores fundamental WTO principles, said Axios, which reported that it obtained a leaked draft. Those principles include the prohibition of nations setting different tariff rates for countries outside of free trade agreements and the established tariff ceilings that WTO countries have agreed to.

If the bill were to be passed, "it would be the equivalent of walking away from the WTO and our commitments there without us actually notifying our withdrawal," a source familiar with the matter told the Axios. Still, that source said Congress would "never" pass such a measure.

 

White House spokeswoman Lindsay Walters told Axios that the bill was still far from becoming a reality. "The only way this would be news is if this were actual legislation that the administration was preparing to rollout, but it’s not," she said.

The report comes just a few days after Trump reportedly told several government officials that he wished to withdraw the United States from the regulatory organization.

 

 

https://www.cnbc.com/2018/07/02/trump-team-reportedly-drafted-a-bill-that-abandons-key-wto-rules.html

 

[Butifldrm]

3 minutes ago, Pitcher said:

Here is another example right off today’s headlines of how President Trump will use the full Power of the USA. He’s not messing around, he’s got a plan and he expects the world to play fair with US interests, or else!!!

 

 

Trump team reportedly drafted a bill that abandons key WTO rules

 

President Donald Trump's administration has drafted a bill that allows the White House to unilaterally raise tariffs without congressional consent, Axios reported late on Sunday. If the legislation goes ahead, that means the world's largest economy would be abandoning the World Trade Organization rulebook.

The bill, called the "United States Fair and Reciprocal Tariff Act," ignores fundamental WTO principles, said Axios, which reported that it obtained a leaked draft. Those principles include the prohibition of nations setting different tariff rates for countries outside of free trade agreements and the established tariff ceilings that WTO countries have agreed to.

If the bill were to be passed, "it would be the equivalent of walking away from the WTO and our commitments there without us actually notifying our withdrawal," a source familiar with the matter told the Axios. Still, that source said Congress would "never" pass such a measure.

 

White House spokeswoman Lindsay Walters told Axios that the bill was still far from becoming a reality. "The only way this would be news is if this were actual legislation that the administration was preparing to rollout, but it’s not," she said.

The report comes just a few days after Trump reportedly told several government officials that he wished to withdraw the United States from the regulatory organization.

 

 

https://www.cnbc.com/2018/07/02/trump-team-reportedly-drafted-a-bill-that-abandons-key-wto-rules.html

 

 

Wow Pitcher, I have been watching this,  Mnuchen has denied the US leaving the WTO, but I guess we will just have to watch these trade negotiations  work out.  

 

As far as Iraq, I'm watching tyhe IMF site daily to see if they/Iraq choose to move from article XIV to article VIII.

 

Edited July 2, 2018 by Butifldrm

[Pitcher]

  I don’t think we will leave the WTO but that is Trumps style.  He wants people on edge and he furthers it by throwing bombs like this is their lap.  Ive dealt with many guys like him in my business dealings. They will really make you uncomfortable. When I’m dealing with someone like this I always tell them, go ahead I’m ok with you doing something radical like that, then I walk out or hang up the phone.  They always call, then you can get down to some real tough negotiations. If you are fighting with a weak hand you really have NO choice, you have to acquiesce, all you’re trying to do is not get beat up too bad.  President Trump has a very strong hand, and he’s playing hard ball.  Our trading partners won’t like it but they know he is correct.  They have been taking advantage of the US for decades. 

 

I agree reed on the Article VIII.

 

 Really appreciate all your posts this weekend.  You and Yota are right on the current news

[Butifldrm]

Axios Leaks Trump Bill To Blow Up World Trade Organization

by Tyler Durden

Sun, 07/01/2018 - 18:50

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Following the close of a second quarter that will be best remembered by President Trump's vacillations on trade, Axios has dropped a Sunday night bombshell that may spook markets hoping for a respite from the daily escalating trade war rhetoric as the second half of the year begins: White House reporter Jonathan Swan has obtained a copy of a draft bill, purportedly ordered by Trump himself, that would allow the US to "walk away" from its commitments to the World Trade Organization.

If passed, the bill (entitled the "United States Fair and Reciprocal Tariff Act") would effectively blow up the WTO, an organization that the US helped create back in the 90s, by allowing Trump to unilaterally ignore the two most important principles:

The "Most Favored Nation" (MFN) principle that countries can't set different tariff rates for different countries outside of free trade agreements;

"Bound tariff rates" — the tariff ceilings that each WTO country has already agreed to in previous negotiations.

"It would be the equivalent of walking away from the WTO and our commitments there without us actually notifying our withdrawal," one anonymous source reportedly told Axios.

The bill asks Congress to hand over to Trump unilateral power to ignore WTO rules and negotiate unilateral trade agreements.

The leak of the draft bill follows another WTO-related scoop from Axios, published last week, where Swan reported that Trump has repeatedly badgered his aides about pulling the US out of the WTO, which the president has famously criticized as a "disaster".

The bill's chances of making it through Congress are extremely low. However, if Trump has taught us anything about his trade agenda, it's never say never.

• "The good news is Congress would never give this authority to the president," the source added, describing the bill as "insane."
• "It's not implementable at the border," given it would create potentially tens of thousands of new tariff rates on products. "And it would completely remove us from the set of global trade rules."

Trump was reportedly briefed on the draft in late May. Most of the individuals who were involved in the drafting of the bill assumed it would be "dead on arrival" - that is, all but Trump advisor Peter Navarro, who repeatedly encouraged Trump's anti-free-trade positions. The White House, the US Trade Representative and the Department of Commerce were consulted during the drafting of the bill.

While the bill might be able to find enough support to pass in the extremely pro-Trump House, Republican proponents of free trade in the Senate would likely balk at the prospect of trashing the existing free trade order, while Democrats would be reluctant to hand more unilateral authority to the president.

 

It's also worth noting that Congress is already trying to roll back Trump's steel and aluminum tariffs in the form of a bipartisan bill authored by Republican Sens. Bob Corker and Pat Toomey and Democratic Sen. Michael Bennet.

• In a White House meeting to discuss the bill earlier this year, Legislative Affairs Director Marc Short bluntly told Navarro the bill was "dead on arrival" and would receive zero support on Capitol Hill, according to sources familiar with the exchange.
• Navarro replied to Short that he thought the bill would get plenty of support, particularly from Democrats, but Short told Navarro he didn't think Democrats were in much of a mood to hand over more authority to Trump.

White House spokeswoman Lindsay Walters acknowledged that the bill was genuine, but cautioned that the public shouldn't take it too seriously - after all, Trump's frustrations with the WTO are already widely known.

• But Walters signaled that we shouldn't take this bill as anything like a done deal. "The only way this would be news is if this were actual legislation that the administration was preparing to rollout, but it’s not," she said.
• "Principals have not even met to review any text of legislation on reciprocal trade."
• Between the lines: Note the specificity of Walters' quote above. Trump directly requested this legislation and was verbally briefed on it in May. But he hasn't met with the principals to review the text.

The report sent US futures lower off the gate as trade tensions once again reared their ugly head, although the BTFDers promptly emerged, and with their traditional non-challance and disregard for risk or news, quickly sent futures back to unchanged.

Dismantling the WTO risks sparking a global trade war, which could have some very serious consequences.

 

https://www.zerohedge.com/news/2018-07-01/axios-leaks-trump-bill-blow-world-trade-organization

[DinarThug]

LINK

Jumaili discusses with the Ambassador of Australia the procedures for Iraq's accession to the WTO

 

 

3rd July, 2018

Minister of Planning and Trade Minister Salman Jumaili discussed Tuesday with Australian Ambassador to Baghdad Joan Lundes, the prospects for joint cooperation between the two countries and the procedures for Iraq's accession to the World Trade Organization.

Al-Jumaili received this morning at his office in Baghdad the Australian Ambassador to Iraq Joan Lundes. During the meeting, they discussed prospects for joint cooperation between the two countries in a number of fields, particularly trade, investment, agricultural and cultural relations. Scientific ". 

"Iraq today is a stabilizing factor in the region and therefore it is a promising investment environment that can attract many companies and investors to take advantage of these opportunities," Jumaili said.  He added that "Iraq is dealing with all countries on the basis of equality of relations within the network of interests governed by international law," Jumaili said.  He called on the Australian side to "support Iraq in its bid to join the World Trade Organization, because of this importance in facilitating the movement of trade and goods within the World Trade Agreement." 

For her part, the Australian ambassador expressed her government's readiness "to provide all kinds of support to Iraq, which represents an important economic, geographical and political weight in the region and the world, and will provide possible support for Iraq's accession to the WTO."