Monday, 15 October, 2018

Trump reportedly wants to withdraw US from WTO

United States Secretary of the Treasury Steven Mnuchin holds a news conference after the G7 Finance Ministers Summit in Whistler United States Secretary of the Treasury Steven Mnuchin holds a news conference after the G7 Finance Ministers Summit in Whistler
Steven Clarke | 01 July, 2018, 15:43

The US won't exit the Geneva-based organization "at this point", Trump said Friday.

US President Donald Trump has told several top White House officials he wants to withdraw the United States from the WTO, a source said.

"He's (threatened to withdraw) 100 times".

A source familiar with Trump's thinking told Reuters he has said privately that the USA should get out of the WTO but that it was not a serious proposal.

Donald Trump has said his tariffs are created to protect USA industries that have been hammered by an unfair global trading system.

Haley talks tough on Iran import curbs, India may fall in line
Russia's Novak said today that OPEC/NOPEC could gradually reverse up to a total of 1.5 million barrels per day of production. Crude stocks at the Cushing, Oklahoma, delivery hub for the NYMEX futures contract fell by 2.7 million barrels, EIA said.

"I can assure you that we are not going to do anything that wipes out all those benefits or does anything that has a significant risk on growth", he told Fox Business Network.

Earlier on Friday, White House legislative affairs director Marc Short acknowledged Trump's frustration with the WTO, which Trump has previously called "unfair to the U.S." and a "disaster for this country".

Trump spoke about the WTO aboard Air Force One en route to Bedminster, New Jersey. Trump has long criticized the WTO for allowing countries such as China to levy high tariffs on US goods such as cars, even as its economy has matured.

He imposed tariffs on imports of aluminum and steel earlier this year that has triggered new trade suits that will be considered by WTO panels. In fact, Trump's own administration estimates that the US has won roughly 86 percent of the cases it's brought before the WTO - a significantly higher success rate than China, which has won just 67 percent of the cases it's brought before the WTO. The move also would put USA exporters at risk, as other WTO members could raise tariffs on American imports.

As head of state, Trump under global law could make the notification at the WTO.

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