As Donald Trump’s actions on trade have enraged allies, dragged down the market, and literally sent American jobs overseas, many have wondered whether the president would realize his approach isn’t working and back down, or willfully continue down a path of certain destruction. And based on new reports, it appears he’s going with option B! Rather than acknowledge that dragging the U.S. into trade wars on multiple fronts is a terrible idea that no one outside of his craziest advisers wants, Trump is apparently trying to figure out a way to give himself unchecked power to impose unlimited tariffs on any country in the world without justification. According to Axios, a leaked draft of a Trump administration bill would essentially “declare America’s abandonment of fundamental World Trade Organization rules” by allowing the president to raise U.S. tariffs at will, “without congressional consent and international rules be damned.”

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 W.T.O. and negotiate one-on-one with any country: a) the “Most Favored Nation” (M.F.N.) principle that countries can’t set different tariff rates for different countries outside of free-trade agreements; and b) “bound tariff rates”—the tariff ceilings that each W.T.O. country has already agreed to in previous negotiations.

As a source familiar with the bill—which many have come to refer to as the“FART Act—noted, “it would be the equivalent of walking away from the W.T.O. and our commitments there without us actually notifying our withdrawal,” which is something Trump has been demanding since before he entered office. And while there is basically no chance Congress would ever approve such a piece of legislation, a point White House Legislative Affairs Director Marc Short has reportedly made to fellow West Wing advisers, trade adviser Peter Navarro apparently retorted that the bill could get “plenty of support, particularly from Democrats.” (In a statement, White House spokeswoman Lindsay Walters said, “It is no secret that POTUS has had frustrations with the unfair imbalance of tariffs that put the U.S. at a disadvantage. He has asked his team to develop ideas to remedy this situation and create incentives for countries to lower their tariffs. The current system gives the U.S. no leverage and other countries no incentive.”)

Perhaps even more alarming, Commerce Secretary Wilbur Ross told CNBC on Monday that there is nothing that will make Trump back down from his demonstrably dumb, misguided approach to trade—not even the nosedive of his favorite barometer for success. “There’s no bright-line level of the stock market that’s going to change policy,” Ross told Squawk Box. “The president is trying to fix long-term problems that should have been fixed a long time ago. There is obviously going to be some pulling and tugging as we try to deal with very serious problems. There will be some hiccups along the way.” Which, we’re sure, will be just the thing to soothe the troubled market!

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