US Prez threatens to pull US out of WTO

US,WTO,Trump

The US business will hardly allow US President Donald Trump to bring into life threats of withdrawing from the World Trade Organization (WTO), the Ministry of Economic Development said on Friday.

In the same interview, Trump labelled the EU's trade policies as "almost as bad as China", and spurned a potential deal negotiated in July that would see the end of import tariffs on cars between the USA and Europe, calling the terms "not good enough".

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The World Trade Organization is a global body that maintains trade rules that all members agree to while negotiating their trade deals with one another.

Mr Trump says the body too often rules against the U.S., although he concedes it has won some recent judgments.

Trump has credited his electoral success to his hard line on trade, which he has argued hurts United States workers and favors foreign competitors. 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.

In July, Trump said the U.S. was at a big disadvantage from being treated "very badly" by the WTO for many years, adding that the Geneva-based body needs to "change their ways".

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The U.S. on Monday told the WTO that it plans to block the reappointment of one of the its four remaining judges, a move that would significantly hinder the organization's ability to function. He has threatened to tax the country's automotive sector or cut it out entirely.

Trump said Mueller's appointment past year to investigate his 2016 election campaign for possible collusion with Russian Federation was wrong.

The WTO, which is based in Geneva and was founded as an arbitrator of worldwide trade in 1994, also publishes its own data on rulings. In 2017, Trump told Fox News: "The WTO was set up to benefit everybody but US..."

"We are not being accommodated", he said.

On the Russian Federation collusion investigation being headed by Special Counsel Robert Mueller, Trump has said the probe is "illegal" as it continues to hone in on his inner circle. Visit MarketWatch.com for more information on this news.

Also during his election campaign Mr Trump railed against the Trans-Pacific Partnership (TPP), a 12-nation trade deal that was a linchpin of former President Barack Obama's Asia policy.

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