Donald Trump Is Not Going to Withdraw From the WTO

01 July, 2018, 15:45 | Author: Sheila Harris
  • Donald Trump Is Not Going to Withdraw From the WTO

Trump's tariffs and trade rhetoric continue to shake up the business world on a regular basis - with the latest major development being Harley-Davidson's decision to move their manufacturing operation overseas.

President Donald Trump has told top White House officials he wants the United States to withdraw from the World Trade Organization, reports news outlet Axios.

"I'm not talking about pulling out", he told reporters on Air Force One when asked about reports he was planning an exit from the the global trading body. I'm saying they haven't treated us fairly.

President Donald Trump reportedly wants to yank the USA out of the World Trade Organization, a move that would upend the decades-old worldwide trading order. "There is no breaking news [here] This is an exaggeration" Mnuchin told Fox Business.

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

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But the president has not managed to convince White House officials, who, according to Axios have yet to put in place a policy process that would allow Trump to move forward with such a threat. The remarks cap a month when global tensions surged after America's major trading partners retaliated against USA tariffs by imposing restrictions of their own.

While the USA can exit the WTO, it's uncertain whether Trump could do so without approval from Congress, where many lawmakers - including Republican proponents of free trade - would likely put up a fight. The move also would put USA exporters at risk, as other WTO members could raise tariffs on American imports.

Yet pulling out of the WTO would isolate the United States from the world economy, according to Rufus Yerxa, a former deputy director general at the WTO.

He threatened last week to impose more tariffs on all European cars after the European Union's decision to place a 25 percent tariff on USA products.

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