United States should throw China out of the WTO: Peter Morici

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On the one hand, the words said by US President Donald Trump about his country's participation in the World Trade Organization (WTO) would still be too vague for analysts to predict that POTUS will really withdraw from it. Japan's government has warned in a report that a higher USA tariff on auto imports could backfire, jeopardizing hundreds of thousands of American jobs created by Japanese auto-related companies, raising prices for US consumers and devastating the USA and global economy.

The bill - the existence of which has not been independently confirmed - would be a dramatic shift in trade policy with wide-reaching impacts, but it was the name of the proposed bill that caught people's attention.

Those statements follow the presidents comments about the bloc's treatment of trade deals with the U.S. "Most countries agree that they must be changed, but nobody ever asked!"

"We face unfair trade barriers", the official said, adding, "something needs to be done".

But, the president has reportedly said foreign countries use the organization to "screw over the United States".

As Axios explains, it circumvents two of the fundamental principles of the WTO: that of the "Most Favored Nation" and "bound tariff rates".

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President Donald Trump 's administration has drafted a bill that allows the White House to unilaterally raise tariffs without congressional consent, Axios reported late on Sunday.

The WTO's rules are created to settle global trade disputes, end unfair trade practices, and prevent potential trade wars, but Trump reportedly says that foreign countries use the organisation to "screw the United States".

Trump personally ordered the bill be drafted, according to the report.

He is also focused on lowering the United States trade deficit through what he calls "reciprocal" trade - that is, imposing the same tariffs on USA imports from specific countries as they impose on US-made goods.

A White House spokeswoman told Axios that the bill was only a draft. But many diplomats say quitting the WTO would not be in the US interest, and the WTO has said it has never had any indication of Trump intending to leave.

A trade official says Moscow has initiated a dispute complaint against the USA over the 25 per cent tariffs on steel and 10 per cent tariffs on aluminum, by circulating the request Monday among WTO members in Geneva.

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