Trump Administration Pondering Quitting WTO

President Donald Trump has repeatedly told top White House officials he wants the United States to withdraw from the World Trade Organization, a move that would be potentially calamitous for global commerce, the news website Axios reported on Friday, citing people involved in the discussions.



One person who has discussed the subject with Trump, according to Axios, said the president frequently told advisers: “I don’t know why we’re in it. The WTO is designed by the rest of the world to screw the United States.”

The 164-member WTO is the only international organization that deals with the rules of trade between countries and states its key purpose as opening trade “for the benefit of all.”

A U.S. withdrawal from it would require an act of the U.S. Congress, and Trump was unlikely to persuade lawmakers to carry out his wish, the Axios report said.

via Reuters

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza