November 22, 2024 20:17 (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
Chhattisgarh: 10 Maoists killed during encounter with security forces in Sukma | Baba Siddique murder case: Arrested Akashdeep Gill used a labourer's hotspot to evade tracking, say police | Donald Trump picks 'smart and tough' Pam Bondi as new US Attorney General after Matt Gaetz withdraws | Canadian government denies media report that claims PM Modi knew of Khalistani leader Nijjar's killing | PM Modi bestowed Dominica's highest award at India-CARICOM Summit
Trump threatens to pull US out of World Trade Organization
Donald Trump Facebook page

Trump threatens to pull US out of World Trade Organization

| @indiablooms | 14 Aug 2019, 04:50 am

Washington, Aug 13 (Sputnik/UNI) US President Donald Trump on Tuesday said that the United States will pull out of the World Trade Organization (WTO) if it has to after years of being mistreated by the organization.

"We will leave if we have to," Trump said during a rally in Pittsburgh. "They have been screwing us for years, and it's not going to happen any longer."


Trump said the United States does not need the WTO if the organization fails to address loopholes that favor certain nations.


"They view certain countries like China, India, many countries - they've viewed them as growing, they are growing nations. ... Well, they have grown, and they had tremendous advantages. We are not letting that happen anymore," he said.


On July 26, Trump directed US Trade Representative Robert Lighthizer to secure changes at the WTO that would prevent developing countries from taking advantage of regulatory loopholes.


A White House memorandum pointed out that seven of the ten wealthiest economies in the world as measured by GDP per capita on a purchasing-power parity basis currently claim developing-country status: Brunei, Hong Kong, Kuwait, Macao, Qatar, Singapore and the United Arab Emirates.


The same is true for G20 and Organization for Economic Cooperation and Development (OECD) members South Korea, Turkey and Mexico.
China, the world's second largest economy, has been identified by the United States as the biggest abuser of WTO rules. Since joining the WTO, China has insisted that it is a developing country, according to the memorandum.


Discussions about reforming the WTO have been going on for years and the organization's 164 member states are yet to reach a consensus on the matter. They members divided in two camps, with one group of states - including Russia - advocating for the organization's further development and another calling for developing a new format for the WTO.  

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.
Related Images
Xi Jinping, Putin in Russia 22 Mar 2023, 02:56 pm
Related Videos