Published: Sun, July 01, 2018
Global News | By Blake Casey

Trump says he's not planning to pull out of WTO

Trump says he's not planning to pull out of WTO

"I think that the president's expressed frustrations with worldwide organizations from a sovereignty perspective, but I think that the president also believes that there are extensive tariffs assessed on American products overseas that's not a reciprocal tariff", Short further said.

President Donald Trump has denied that he is planning to withdraw the USA from the World Trade Organisation, but accused the global trade body of treating America "very badly".

"He's [threatened to withdraw] 100 times. It would totally (screw) us as a country", a source who's discussed the subject with Trump told Axios.

A U.S. withdrawal from the WTO would require an act of the U.S. Congress, and Mr. Trump was unlikely to persuade lawmakers to carry out his wish, the Axios report said. "I don't know why we're in it".

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. He thinks there's aspects of it that are not fair.

Trump spoke about the WTO aboard Air Force One en route to Bedminster, New Jersey.

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"When the European Union and others falsely assert the USA steel and aluminum duties are safeguard measures and impose retaliatory duties under this pretense, they do great damage to the multilateral trading system", said Lighthizer. MrTrump, however, accused the global trade body of treating America very badly.

Analysts say chances of a United States withdrawal from the WTO would be slim, as such a move would require Congressional approval. The White House approved two weeks ago to impose tariffs worth $50 billion on China that was initially announced in April.

But Treasury Secretary Steven Mnuchin said earlier it would be an "exaggeration" to say Trump is planning to quit the WTO.

The US President has not shied away from taking actions by imposing steep trade tariffs on countries such as China, Canada and Mexico.

Lighthizer argued that this exception does not apply because "the United States has not taken a safeguard measure".

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