President Donald Trump wants to withdraw the US from the World Trade Organization (WTO), according to a report on Friday, which could push the country further into isolationism and greatly hurt global trade.
One person who has discussed the subject with Trump, according to Axios, said the president frequently told advisers: "I don't know why we're in it".
"We always get f*cked by them [the WTO]", the president has regularly said, according to Swan's sources.
Steven Mnuchin, the U.S. Secretary of Treasury, denied information about the country's possible exit from the World Trade Organization (WTO).
"I'm not familiar with any plans right now, at this point", The Hill quoted White House legislative affairs director Marc Short, as saying. "But we have not been treated fairly on trade", he said.
Although Mr. Trump complains that China and others have used the WTO system to their own advantage, "we are focused on free trade" and "breaking down barriers", Mnuchin said.
President Donald Trump's trade wars are already stirring global economic anxiety - and a new report claims that he wants to take his attacks on the global economy to a whole new level. They tariffs have also led to retaliation by USA allies, including Canada and the European Union.
Trump "has concerns about the WTO", Mnuchin said Friday during an interview on Fox Business.
Lighthizer contrasted the USA actions with the EU: "The European Union has concocted a groundless legal theory to justify immediate tariffs on US exports".
The president is considering the imposition of tariffs on vehicle imports, a move that would be sure to draw new litigation in the WTO. He thinks there's aspects of it that are not fair.
Trump has imposed tariffs on imports of aluminum and steel earlier this year that has triggered new trade suits that will be considered by WTO panels. "These actions are wholly legitimate and fully justified, both as a matter of US law and WTO rules", he said.