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Trump wants U.S. to withdraw from WTO

02 July 2018
Trump wants U.S. to withdraw from WTO

Bloomberg reported that while pledging to stand up to Trump on trade, and amid a separate USA commercial dispute with China over intellectual property, the European Union leaders on Friday also chose to push for improvements in the way the World Trade Organization (WTO) operates.

If realized, Trump withdrawing his country from WTO could be the star that broke the camel's back in the potential trade war the USA has engaged in with nations around the world in recent months.

"He's [threatened to withdraw] 100 times. It would totally [screw] us as a country", a source who discussed the subject with Trump told the Axios media outlet. "We always get fucked by them [the WTO]", Trump frequently tells advisors, according to the source. I'm saying they haven't treated us fairly. The White House approved two weeks ago to impose tariffs worth $50 billion on China that was initially announced in April.

Analysts warned that a USA exit from the organisation could cause chaos, casting trillions of dollars of trade into doubt.

Asked about reports that he is considering withdrawing from the WTO, Trump said, "I'm not talking about pulling out".

In an interview with Fox on Friday, Mnuchin told Maria Bartiromo that President Trump has concerns about the WTO being unfair but that the administration remains focused on free trade.

In the past, Trump has been a vocal critic of the global trade body, calling it "unfair to the US" and a "disaster for the country".

Trump has said his tariffs are created to protect domestic industries that have been hammered by an unfair global trading system. "He thinks there's aspects of it that aren't fair".

In a retaliatory move, Canada, Mexico, China and the European Union (EU) have imposed tariffs on U.S. goods.

And according to Bloomberg, an official with the WTO said the organization has "not heard anyone express this to us at any level of the USA government". The President has been clear with us and with others.

The report comes in the midst of a looming trade war between the US and China.