In an Oval Office interview this week, as the Guardian reported, President Trump vowed to withdraw from the World Trade Organization (WTO) if it doesn't "shape up", calling the agreement establishing the body "the single worst trade deal ever made".
If the U.S. withdraws from the WTO, it would potentially have far more significance for the global economy than the escalating trade war with China.
He has previously called the WTO a "catastrophe" that has treated the United States "very badly" for many years, and that the Geneva-based body will need to "change their ways".
President Donald Trump says the United States is treated unfairly in global trade. China is a thorn, per US Trade Representative Robert Lighthizer, who views China's 2001 entry into the body as a mistake.
His trade envoy Robert Lighthizer has called the move to allow China into the WTO "a mistake" and accused the trade body's dispute settlement system of interfering with USA sovereignty.More news: Racism looms large in Florida governor’s race
"We have all to prepare to the "WTO minus USA: system".
The US has been blocking the appointment of judges to the WTO's appeals body, raising the possibility that it could cease to function in the next few years.
USA exiting the agreement would not only impact the global economy, it would also leave American businesses vulnerable to tariffs and discrimination, considering WTO members would no longer be obliged to play by the rules. "And I think what he said yesterday is consistent with what they have expressed before".
The WTO was established to provide rules for global trade and resolve disputes between countries. As for the cases filed against us, ones from China have made recent headlines.
But according to a report from CNBC News, Trump's top administration officials are less keen on quitting the global trade regulator.