As many of you have probably seen, there has been a leak of a draft bill called United States Fair and Reciprocal Tariff Act (or F.A.R.T. Act).

I get the feeling the media and public are getting trolled here, or a leake being outed - many are talking about it on Twitter, but just about the name… see #FartAct

Axios has obtained a leaked draft of a Trump administration bill — ordered by the president himself — that would declare America’s abandonment of fundamental World Trade Organization rules.

Why it matters: The draft legislation is stunning. The bill essentially provides Trump a license to raise U.S. tariffs at will, without congressional consent and international rules be damned.

The details: The bill, titled the "United States Fair and Reciprocal Tariff Act," would give Trump unilateral power to ignore the two most basic principles of the WTO and negotiate one-on-one with any country:

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.

https://www.axios.com/trump-trade-war-leaked-bill-world-trade-organization-united-states-d51278d2-0516-4def-a4d3-ed676f4e0f83.html

https://www.theguardian.com/us-news/2018/jul/02/trump-fart-act-report-blows-through-washington