The European Union's (EU) top two officials warned about greater trade tensions with the USA as President Donald Trump weighs tariffs on foreign cars after irking American allies with metal-import levies.
If adopted the bill would dramatically affect world trade but it is the bill's acronym, the Fart Act, that has grabbed the attention of the Twitterati for now.
A White House spokesperson confirmed that Trump asked his team to work up ideas to "remedy" what he sees as unfair trade laws.
"G7 and G20 leaders have an overriding responsibility to help fix the shortcomings of the rules-based trading system - recognising that it has fueled seven decades of unprecedented job creation, poverty alleviation and technological progress for citizens of the United States and beyond".
Trump was briefed on the drafted bill in May, according to the report. White House spokeswoman Lindsay Walters told Axios that the leaked draft is not "actual legislation that the administration was preparing to rollout".
Following news of the report, the U.S. Chamber of Commerce-a longtime capitalist juggernaut closely allied with Republican leaders and the Trump administration-launched a campaign to oppose the president's tit-for-tat tariff escalation.
"And we're not planning anything now, but if they don't treat us properly we will be doing something", he said.
Trump is said to be in discussions to adopt a United States Fair and Reciprocal Tariff Act - or FART, as social media has dubbed it - that would give him authority to ignore WTO rules.
"Russia claims the U.S. duties of 25% and 10% on imports of steel and aluminum products respectively are inconsistent with provisions of the WTO's General Agreement on Tariffs and Trade (GATT) 1994 and the Agreement on Safeguards", the WTO press service reports.
The same source added that for now Trump's aides have managed to "push back" against the idea of the United States leaving the WTO by ensuring that the country actually "does well" in the organization.