Axios: Trump Bill Would Give Him Unilateral Power to Ignore WTO Rules

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Despite Trump's tariffs on European metals exports and threats to hit the EU's automobile industry, Brussels shares Washington's concern about China's closed markets and what Western governments say is Beijing's manipulation of trade to dominate global markets.

It also underscores China's new boldness in trying to seize leadership amid divisions between the United States and its European, Canadian and Japanese allies over issues including free trade, climate change and foreign policy.

A Made in US label is seen at a BBQ smoker cooker at the Home Plate barbeque restaurant that specializes in meat that is imported from the US, in Beijing, China, June 29, 2018.

CHINA-U.S. TRADE: On Friday the U.S.is set to impose a 25 percent tariff on $34 billion worth of Chinese imports.

President Donald Trump is really into starting and maintaining trade wars no matter how harmful, so it comes as no surprise that he wants to enact legislation allowing him to negotiate directly with other countries, ignoring precedent and rules and American interests.

China's stock market fell sharply on Wednesday as traders anxious about the escalating trade dispute.

"The Russian Federation has requested WTO dispute consultations with the United States regarding U.S. duties on certain imported steel and aluminum products". The US has claimed that China uses public funds to support its industrial development, which puts US companies at a disadvantage, paying no heed to the fact that China's use of policy and industrial funds to accelerate industrial expansion is a common practice across the world. "Now it is pursuing economic hegemony", the English-language newspaper said in an editorial.

It has frequently waged wars against other sovereign countries and made use of the dominant influence of the U.S. dollar in the worldwide markets to fleece other countries.

"There is a lot of concern I think about the effect a long term trade war might have but actually if you look at the data we're seeing, the economic data is not that bad", said Michael Hewson, chief markets analyst at CMC Markets in London.

World stocks were flat on Wednesday amid growing anxiety ahead of Washington's end of week deadline to impose tariffs on Chinese imports, while the yuan steadied after China's central bank acted to calm investors.

A report that US President Donald Trump is looking to walk away from the World Trade Organisation and instead adopt a United States Fair and Reciprocal Tariff Act, or Fart Act, has been greeted with loud amusement on Twitter.

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