UNITED STATES (OBSERVATORY) – Donald Trump is considering a possible withdrawal of the United States from the World Trade Organization if the latter fails to restructure, Bloomberg News announces.
The US President believes that in the absence of significant changes within the World Trade Organization (WTO) , the United States may decide to leave the institution.
“If they do not put some order in there, I will pull out of the WTO,” he said in an interview with Bloomberg News.
He added that for many years the United States has been “very badly” treated by the WTO.
The political news site Axios announced in early July that the US administration intended to introduce a bill to ignore WTO requirements. If the document is adopted, the President will then have the right to unilaterally tax imported products without the approval of Congress.
In addition, this new standard will make it possible to ignore the basic principles of the WTO.
Three weeks later, Donald Trump met with European Commission President Jean-Claude Juncker and promised, after the negotiations, that the United States and the European Union would work together on a reform of the WTO, declaring that the United States and the European Union would fight “dishonest actions” in trade.
Donald Trump and Jean-Claude Juncker cited a long list of such actions implicitly attributed to China, but did not mention it openly.
Last February, Donald Trump called the WTO a “disaster” that prevented his country from “doing good business.”