Tags: donald trump | wto | world trade organization

Donald Trump WTO: US Could Leave Over Offshore Production

Image: Donald Trump WTO: US Could Leave Over Offshore Production
 (Joe Raedie/Getty Images) (Wilimedia Commons)

By    |   Monday, 25 Jul 2016 07:17 AM

Donald Trump criticized the WTO on Sunday for standing in the way of his plans to levy penalties on companies that move production offshore and he said the U.S. could leave the organization if he becomes president.

Trump made his threat to pull out of the World Trade Organization during an interview that aired on NBC's "Meet the Press" with host Chuck Todd. Trump, whose criticism of American companies taking jobs overseas has been a major talking point in his campaign, said he wants to levy a tax against those businesses.

"It could be 25 percent. It could be 35 percent. It could be 15 percent," Trump said of the tax against the companies on the show. "I haven't determined. And it could be different for different companies. We have been working on trying to stop this government, because we don't know what we're doing."

"And not only (President Barack) Obama, they've been trying to stop this from before Obama. But they don't know. You know, they've done, they've tried lower interest loans, they've tried zero interest loans ...," Trump continued.

When Todd pointed out that those actions "may not get through the World Trade Organization," Trump balked.

"It doesn't matter," Trump said on "Meet the Press." "Then we're going to renegotiate or we're going to pull out. These trade deals are a disaster, Chuck. World Trade Organization is a disaster."

On Friday, Roberto Azevêdo, the director-general of the World Trade Organization criticized what he called Trump's "anti-trade rhetoric" during an interview on CNBC.

"(World trade) is still sluggish and the problem is this new anti-trade rhetoric, anti-globalization rhetoric," Azevêdo told CNBC. "It doesn't help because it may spell what is to come in terms of policies, so that is definitely bad news."

The Wall Street Journal such a move could void deals the U.S. has for lower tariffs for its goods with countries globally, leading to increase prices of exported American products. The Journal added that such a departure would make it more difficult for the U.S. to challenge alleged rule-breaking WTO members like China and getting compensation.

The Journal noted Hillary Clinton has said Trump's actions on international trade could cause a trade war.

Trump's comments on the WTO comes on the heels of the him solidifying his stance on NATO last week, saying that the U.S. would consider a member's contribution to the alliance before decide whether to come to its aid if attacked, reported The New York Times.

The Times wrote that while Trump's suggestion would be a first for the U.S. in regardless to aiding NATO allies, it was consistent with his previous threat to withdraw take away American forces from Europe and Asia if those countries fail to pay more for American protection.

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Donald Trump criticized the WTO on Sunday for standing in the way of his plans to levy penalties on companies that move production offshore and he said the U.S. could leave the organization if he becomes president.
donald trump, wto, world trade organization
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2016-17-25
Monday, 25 Jul 2016 07:17 AM
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