, 7 tweets, 2 min read Read on Twitter
Great @clark_packard review of some of the @RepSeanDuffy Reciprocal Trade Act's many, many flaws: nationalinterest.org/feature/theres…
The bill is DOA (only 18 co-sponsors - sad!), but here are a few more flaws: /1
The bill totally misunderstands the general reciprocity concept at the WTO (or in US FTAs) - it's never been abt identically matching tariff rates; it's abt offering generally the same level of access, while having the flexibility to protect sensitive sectors /2
Speaking of which, the USA has high tariffs on its own political babies (132% peanuts; 35% tuna; 20% dairy; 25% trucks; 16% wool sweaters, etc) PLUS many high "non-tariff barriers" and higher avg tariffs than many countries - shld they be allowed to retaliate against us? /3
The bill also ignores why the WTO's "MFN" principle exists - to prevent discrimination & thereby avoid the trade bloc debacles that led to WWI/WWII, and to create a stable/predictable trading environment. This bill would destroy all of that (and the WTO itself) /4
The bill ignores that the WTO has actually been very successful in lowering tariffs, and that the USA has been very successful in using FTAs - not threats - to take care of the rest (see, eg, NAFTA & KORUS). /5
Finally, the bill ignores Congress' constitutional role in setting tariffs (and how the President has already abused the expansive tariff authority he's been delegated); in fact the bill provides almost-unlimited discretion for POTUS to raise US tariffs even more. /6
Famously, the Reciprocal Trade Act used to be called the Fair And Reciprocal Trade (FART) Act. The name may have changed, but it still stinks. /x
Missing some Tweet in this thread?
You can try to force a refresh.

Like this thread? Get email updates or save it to PDF!

Subscribe to Scott Lincicome
Profile picture

Get real-time email alerts when new unrolls are available from this author!

This content may be removed anytime!

Twitter may remove this content at anytime, convert it as a PDF, save and print for later use!

Try unrolling a thread yourself!

how to unroll video

1) Follow Thread Reader App on Twitter so you can easily mention us!

2) Go to a Twitter thread (series of Tweets by the same owner) and mention us with a keyword "unroll" @threadreaderapp unroll

You can practice here first or read more on our help page!

Follow Us on Twitter!

Did Thread Reader help you today?

Support us! We are indie developers!

This site is made by just three indie developers on a laptop doing marketing, support and development! Read more about the story.

Become a Premium Member ($3.00/month or $30.00/year) and get exclusive features!

Become Premium

Too expensive? Make a small donation by buying us coffee ($5) or help with server cost ($10)

Donate via Paypal Become our Patreon

Thank you for your support!