Trump Administration Drafting Bill to Pull US Out of WTO?

Trump Administration Drafting Bill to Pull US Out of WTO?

Trump Administration Drafting Bill to Pull US Out of WTO?

Trump has long criticised the WTO for allowing countries such as China to levy high tariffs on United States goods such as cars, even as its economy has matured.

More recently, he imposed tariffs on steel and aluminium imported into the United States from various countries and is set to impose tariffs on billions of dollars worth of Chinese imports beginning on Friday.

Nonetheless, the source noted Congress would never give the president the authority, and a White House spokeswoman told Axios the administration does not have actual legislation it is preparing to rollout. "We don't need to get out of the WTO, we need to throw China out, then the thing will work for us", he told FOX Business' Charles Payne on "Varney & Co".

"WTO has treated the United States very badly, and I hope they change their ways".

President Donald Trump is reportedly considering a draft bill that would give him authority to walk away from the World Trade Organization (WTO) and increase U.S. import tariffs without congressional consent.

US officials in Geneva, home of the WTO, did not immediately respond to a request for comment on Monday.

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The same source added that for now Trump's aides have managed to "push back" against the idea of the USA leaving the WTO by ensuring that the country actually "does well" in the organization.

He does, however, think aspects of the current dispensation disadvantage the U.S. and would like to see changes.

Those statements follow the presidents comments about the bloc's treatment of trade deals with the U.S. That means any European retaliation over auto tariffs introduced by Mr Trump would likely target a bigger sum of American goods exported to Europe than the amount hit by the European measures responding to the metal levies.

European Commission President Jean-Claude Juncker plans to travel to Washington this month to discuss Trump's trade dispute with his bloc. "It's appalling what they do to us", prior to citing the "car situation".

However, the Axios article notes that Trump could not unilaterally declare a withdrawal, which USA law "states quite plainly...requires an act of Congress". The EU calculated that a 25 percent tariff would have an initial $13 billion-$14 billion negative impact on US gross domestic product with no improvement to the country's current account balance. On top of the tariff intimidations, the European Commission is also deemed to have cautioned Trump that his behavior can "cause yet another disrespect of global regulation" by the USA, and stating that any auto tax would "harm further the status" of the nation.

"It is no secret that POTUS has had frustrations with the unfair imbalance of tariffs that put the U.S.at a disadvantage".

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