Trump threatens to quit WTO, says US treated unfairly in global trade

Трамп пригрозив що США вийдуть зі Світової організації торгівлі – новини

Trump threatens to quit WTO, says US treated unfairly in global trade

US Trade Representative Robert Lighthizer has said allowing China into the WTO in 2001 was a mistake.

A US withdrawal from the WTO potentially would be far more significant for the global economy than even Trump's growing trade war with China.

"All this is I suppose the beginning or the seeds of the kind of conversation that we need over how to overhaul the WTO", Azevedo said. Data presented by WTO, however, contradicts the claim as it shows that Washington has won 90 per cent of the disputes when it was the complainant.

Mr Trump said the USA had been treated "very badly" by the organisation.

This week Washington blocked the reappointment of a WTO judge, increasing the risk it could soon find itself unable to fulfill its key role in arbitrating disputes. Lighthizer further accused the WTO dispute-settlement system of interfering with the U.S. sovereignty.

What's Trump's issue with the WTO?

Mr Trump has been sounding off about unfair trade since even before he became president. That line, told also to Bloomberg News, is Trump's most explicit threat yet to the WTO, the body that sets standards for global trade agreements and resolves related disputes. The United States is the world's second-largest exporter.

Mr Trump has introduced tariffs on a number of goods imported into the US.

In the wide-ranging interview, Trump also said he likes and respects Federal Reserve chairman Jerome Powell, despite publicly disagreeing with the Fed's recent interest rate increases.

Worse, protectionist measures "are spreading very, very quickly", he said, with the US expected to move as soon as next week to impose tariffs on an additional $200 billion in imports from China.

"The U.S. concerns about areas in the WTO that they would like to improve are not new".

Beforehand, trump stated that the nation will emerge from the world commerce group, if the WTO wouldn't be higher to deal with the American aspect.

Russia's economy ministry said United States would suffer economically from not playing by the rules.

The WTO deals with trade disputes between its 164 member countries.

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