Economy

Trump threatens to leave WTO unless reforms implemented — Global Geopolitical Series

Trump threatens to leave WTO unless reforms implemented — Global Geopolitical Series

"In the event that they don't get down to business, I would pull back from the WTO", Mr Trump said in a meeting with Bloomberg News.

Trump withdrawing the United States from the WTO could prove more serious to the global economy than its simmering trade dispute with China.

In any case, Mr Trump, who has been pushing protectionist arrangements, says the USA is dealt with unjustifiably by the body.

Earlier the US President claimed it was set up "to benefit everybody but us", adding: "We lose the lawsuits, nearly all of the lawsuits in the WTO".

Data presented by WTO, however, contradicts the claim as it shows that Washington has won 90 per cent of the disputes when it was the complainant.

"We continue to be encouraged by the constructive atmosphere that I think both countries are bringing to the table", Canada's Foreign Affairs Minister Chrystia Freeland told reporters Thursday after leaving a meeting with U.S. Trade Rep. Robert Lighthizer.

In particular, a number of members other than the US shared Washington's concerns about issues related to China.

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Trump has previously called the WTO a "disaster" and a "catastrophe".

Mr Trump has been sounding off about unfair trade since even before he became president.

Mr Trump said this in an interview with Bloomberg News that if the organization don't shape up, he would withdraw from it.

The US has been embroiled in a tit-for-tat trade battle on several fronts in recent months.

The comments came as Washington's trade disputes with other economies continue to put global economy at risk, as pundits urge them to be addressed via multilateralism, including the WTO.

"That's not a good solution", he said.

The US president issued the threat against the global trade body during an interview with Bloomberg news.

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If the US successfully blocks the appointment of Judge Shree Baboo Chekitan Servansing, the WTO would only have three judges, the bare minimum to continue operations.

Trump continued, "In the past year, we're starting to win a lot".

The WTO is at the heart of the system of rules for worldwide trade.

Countries that bring complaints to the WTO tend to prevail and defendants in trade disputes lose, Bloomberg News said. Also underway are conversations between the U.S., European Union and Japan over their common complaints about China as well as discussions between the European Union and China over both their bilateral trading relationship and how to reform the rules-based trading system.

"We are not being accommodated", he said.

"This is certainly about calling [America's] bluff", he said. You look at trade deals.

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