WTO needs to change ways or US will do 'something'


The difference with Trump's strategy is that "the motivations behind his tariffs are something new" that breaks with the diplomatic tradition or "the rules of the game" created under the U.S.'s own signature.

The White House didn't immediately respond to HuffPost's request for comment.

Earlier, Axios quoted a source as saying that Trump allegedly told his aides on several occasions that he wants the U.S. to pull out of the WTO, branding United States membership in the organization as harmful for the country.

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Peter Morici, former chief economist at the U.S. International Trade Commission, said on Tuesday the United States shouldn't leave the World Trade Organization (WTO), but rather kick China out of it. Energies would best be channeled into ramping up dialogue and engagement to find new, innovative ways to reform the WTO system to ensure that world trade works for everyone. "They have been treating us very badly for many, many years and that's why we were at a big disadvantage with the WTO, and we're not planning anything now, but if they don't treat us properly, we will be doing something".

During his meeting with Rutte, Trump also said that his administration would be meeting with European Union officials to "work something out" on trade.

Lingering trade concerns are likely to weigh on the markets as tariffs on USD34 billion worth of Chinese imports to the USA and a matching USD34 billion worth of USA exports to China are due to take effect on July 6th. Both sets of tariffs would be based on concerns about USA national security.

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A trade official says Moscow has initiated a dispute complaint against the US over the 25 per cent tariffs on steel and 10 per cent tariffs on aluminum, by circulating the request Monday among WTO members in Geneva. The president has stopped short of publicly pledging to withdraw from the group.

The EU exported 37.4 billion euros ($43.6 billion) of cars to the United States in 2017, while 6.2 billion euros worth of cars went the other way. "The current system gives the U.S.no leverage and other countries no incentive".

Moscow warned in May that it would retaliate against American products to the tune of almost US$540 million, an amount it said was equivalent to the damage likely to be caused to its domestic industry by the United States moves.

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