Trump Said that US Will Leave the World Trade Organization
OREANDA-NEWS Donald Trump – the President of United Stetes of America - once again has threatened US can leave the World Trade Organization (WTO). This statement of the American President was made in an interview with Bloomberg.
"If it (organisation) do not improve its work, I will leave the WTO," the President said in an interview with Bloomberg.
The American leader added that the EU countries" very bad " have very bad relations with the United States in the WTO.
According to information published on the Axios portal in early July, the US administration intends to introduce a bill that will ignore the requirements of the WTO. If the document is adopted, the President will have the right to impose duties on imported goods unilaterally, without needing the approval of Congress.
Also, the new rule will allow US to ignore the basic principles of the WTO.
According to a source in the legislature, the adoption of the document is equal to the country's leaving from the organization.
Three weeks after this publication, Trump met with European Commission chief Jean-Claude Juncker. Following the talks, the President promised that the US and the EU will start working together on WTO reform.
In addition, the American leader said that the United States and the European Union will fight "dishonest actions" in trade. They gave an extensive list of such actions that Washington attributed to Beijing. Among them were forced technology transfer, theft of intellectual property, industrial subsidies and distortions in the market created by state-owned companies and overstocking. However, Trump did not directly mention China.
Trump, while still a candidate for President of the United States, threatened to leave the States of the World Trade Organization. A few months before the election, he said that the US would come out of it if its plans to protect domestic production tariffs met with resistance.
In February 2018, Trump called the WTO a" disaster " that makes it almost impossible for his country to do business. According to him, in particular, "the US is losing a lot of money in favor of Mexico and Canada".
The World Trade Organization was established in 1995 to liberalize international trade. The organization serves as a platform for the discussion of trade agreements between the countries, as well as for the resolution of trade disputes.