President Donald Trump has threatened to withdraw the US from the World Trade Organization (WTO) if the body fails to change the way it treats America. “If they don't shape up, I would withdraw from the WTO,” Mr. Trump said in an interview with Bloomberg News.
The United States launched five separate World Trade Organization dispute actions on Monday challenging retaliatory tariffs imposed by China, the European Union, Canada, Mexico and Turkey following U.S. duties on steel and aluminum. The retaliatory tariffs on up to a combined US$28.5 billion worth of U.S. exports are illegal under WTO rules, U.S. Trade Representative Robert Lighthizer said in a statement.
The World Trade Organization meeting in Buenos Aires concluded a ministerial meeting Wednesday with nothing significant to boast -- a meager outcome for its first gathering in the Donald Trump era.
The Donald Trump administration took the first step toward renegotiating the North American Free Trade Agreement, plunging into a battle that pits some Republicans and industry supporters of the pact against Democrats and some of the president's most ardent backers.