On Tuesday, the United States President Donald Trump has threatened to pull the nation out of the World Trade Organization (WTO), if conditions aren’t improved.
President Trump told workers at a Shell Chemical Plant in Pennsylvania, “We will leave if we have to.”
He continued, “We know that they have been screwing us for years and it’s not going to happen again.”
The US President has made the World Trade Organization the target of several attacks, and threatened to withdraw, claim unfair treatment towards the United States and assures that Washington doesn’t have to abide by WTO rules.
President Trump is truly critical about the terms offered to China at the time of joining the organization, given the US complains about Chinese theft of US technology.
However, the United States has a successful track record of winning disputes conciliate by the global trading unit.
While termed for reforms to the rules of the institutions, Trump’s Administration has successfully paralyzed its work.
By restricting the names of new members to the appellate panel part of the Dispute Settlement Body, which intervene in disputes, the system will find to stop by the end of the year.
Peterson Institute for International Economics’s Trade Expert Chad Bown has said that the moves are weakening the WTO have done “lasting damage,” not all of which can be restored.