Voluntary quotas are banned in the WTO
Markets cheered yesterday on reports that the White House will delay a decision on auto import tariffs for up to six months but the details of what Trump's asking for mean that Europe and Japan will be hard-pressed to reach an agreement on any timeframe.
A draft obtained by Bloomberg shows that the White House wants Europe and Japan to agree to quotas at 2017 levels. WTO rules prevent any voluntary export restraints and the EU says it opposes any deal that violates a rules-based order.
