Trump called the agreement establishing WTO was "the worst trade deal"
Speaking at the Oval Office, Trump said that the establishment of the WTO "was the single worst trade deal ever made".
The withdrawal of the US from the WTO will bear a great significance for the global economy which shall undermine the post-World War II system that the US helped build.
Trump had been vocal about the deterioration of the United State's ties with the WTO for quite some time. Last month, the US President had said that the Geneva-based body has been mistreating the US for a long team and that they need to "change their ways".
The country's Trade Representative Robert Lighthizer has said that the inclusion of China into the WTO was a mistake. Lighthizer has for long urged that the US take an aggressive approach to the WTO. He also argued that the organization is incapable of dealing with a non-market economy like China.
In the Oval Office interview, Trump said at the WTO “we rarely won a lawsuit except for last year.” “In the last year, we’re starting to win a lot,” he added. “You know why? Because they know if we don’t, I’m out of there.”
Earlier this week, the Trump administration had filed a case on Russian duties on US products, which according to them, is illegal.
However, WTO information additionally demonstrates that the US shows improvement over the WTO normal in the two cases it brings and that are brought against it, said Simon Lester, an exchange expert at the Cato Institute, a Washington approach assemble that favors more open universal exchange.
The World Trade Organization (WTO) is an organization that is intergovernmental and it regulates international trade. The organization was officially commenced on January 1, 1995. It was formed as an outcome of the Marrakesh Agreement signed by 124 countries. The WTO is the world's largest economic organization.