Donald Trump threatens to pull U.S. out of WTO

Donald Trump threatens to pull U.S. out of WTO

US President Donald Trump said he would pull out of the WTO if it does not treat the US better, targeting a cornerstone of the global trading system.

Asked to confirm this during the Bloomberg interview, Mr Trump said that it was "not totally wrong".

"We continue to be encouraged by the constructive atmosphere that I think both countries are bringing to the table", Canada's Foreign Affairs Minister Chrystia Freeland told reporters Thursday after leaving a meeting with U.S. Trade Rep. Robert Lighthizer.

"Leithiser has long urged the United States to take a more aggressive approach to the WTO, claiming that the organization is able to deal with non-market economies, such as China", - said in the message. In the case of other countries bringing cases against the US, the WTO ruled against the USA on at least one point of contention 86 percent of the time.

The one making the most intrigue is the one with China, as the world's two biggest economies wrangle for worldwide impact.

Trump has complained the USA is treated unfairly in global trade and has blamed the WTO for allowing that to happen.

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In a statement issued by the Russian Economic Ministry, it said Moscow does not welcome the remarks made by Trump during his recent interview with a news channel. But even before the latest round of USA and Chinese tit-for-tat tariffs, the WTO was concerned over rising protectionism in the world and Azevedo said "a number of alarms" are sounding. The president also called the 1990s agreement establishing the body "the single worst trade deal ever made". The dollar strengthened against sterling, the euro and the yuan as traders digested Mr Trump's words.

Countries that bring complaints to the WTO tend to prevail and defendants in trade disputes lose.

On Monday, Mr Trump announced that the USA and Mexico had agreed to revamp Nafta, calling it a "really good deal" that was "much more fair" for both countries.

Ricardo Melendez-Ortiz, chief executive of the International Centre for Trade and Sustainable Development, called the "WTO far from flawless and no one disputes the need for reform".

The US president said he's "thinking about" an executive order tying capital gains taxes to inflation.

When I came in here, it was a question of when they would take over the Middle East.

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