{"id":768,"date":"2018-07-02T16:47:00","date_gmt":"2018-07-02T16:47:00","guid":{"rendered":"http:\/\/thefreezoneblog.com\/blog\/2018\/07\/02\/us-treasury-chief-mnuchin-slams-repor\/"},"modified":"2018-07-02T16:47:00","modified_gmt":"2018-07-02T16:47:00","slug":"us-treasury-chief-mnuchin-slams-repor","status":"publish","type":"post","link":"https:\/\/thefreezonechannel.com\/old\/us-treasury-chief-mnuchin-slams-repor\/","title":{"rendered":"U.S. Treasury chief Mnuchin slams report that Trump wants to exit WTO"},"content":{"rendered":"\n\n\n\n
<\/a><\/td>\n<\/tr>\n
U.S. Treasury Secretary Steve Mnuchin<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
\n<\/div>\n
\nU.S. Treasury Secretary Steve Mnuchin said a report by the Axios news
\n website, that cited sources as saying President Donald Trump wanted the
\n United States to withdraw from the World Trade Organization, was wrong.<\/div>\n
\n\u201cThere\u2019s no breaking news here \u2026 it\u2019s not right,\u201d Mnuchin told Fox Business Network, calling the report \u201cfake news.\u201d<\/div>\n
\nAxios reported earlier on Friday, citing people who were involved in
\ndiscussions with the president, that Trump frequently told advisers he
\nwanted the United States to quit the WTO, a move with potentially
\ndisastrous implications for global commerce.<\/div>\n
\n\u201cThis is an exaggeration,\u201d Mnuchin said. \u201cThe president has been
\nclear, with us and with others, he has concerns about the WTO, he thinks
\n there\u2019s aspects of it that are not fair, he thinks that China and
\nothers have used it to their own advantage, but we are focussed on free
\ntrade. That\u2019s what we\u2019re focussed on \u2013 breaking down barriers.\u201d<\/div>\n
\nU.S. stocks wobbled briefly in premarket trading after the Axios
\nreport, but regained their footing following Mnuchin\u2019s comments.<\/div>\n
\nOne person who has discussed the subject with Trump, according to
\nAxios, said the president frequently told advisers: \u201cI don\u2019t know why
\nwe\u2019re in it. The WTO is designed by the rest of the world to screw the
\nUnited States.\u201d<\/div>\n
\nA source familiar with Trump\u2019s thinking told Reuters he has said
\nprivately that the U.S. should get out of the WTO but that it was not a
\nserious proposal.<\/div>\n
\n\u201cHe\u2019s frustrated with it and doesn\u2019t love it but it\u2019s not like we\u2019re
\ndoing some formal process to withdraw. He thinks they impede good trade
\ndeals and make trading more complicated,\u201d the source said.<\/div>\n
\nA December 1994 statute approving the creation of the WTO requires
\nexplicit approval from both U.S. chambers of Congress for the country to
\n withdraw from the agreement, an extremely high barrier to such a move.<\/div>\n
\nThe 164-member WTO is the only international organisation that deals
\nwith the rules of trade between countries and states its key purpose as
\nopening trade \u201cfor the benefit of all.\u201d<\/div>\n
\nIn Geneva, WTO spokesman Keith Rockwell said no one from the U.S.
\ngovernment had indicated to officials \u201cin the Secretariat that they have
\n any intention of leaving the organisation.\u201d<\/div>\n
\nThe White House press office did not immediately respond to a request
\n for comment, and neither did the U.S. Trade Representative\u2019s office.<\/div>\n
\nCHINA<\/div>\n
\nThe USTR has launched a WTO challenge against China\u2019s technology
\nlicensing practices, arguing that they ignore market principles and
\nviolate WTO rules. The challenge is part of Trump\u2019s \u201cSection 301\u201d tariff
\n efforts to pressure China to change its intellectual property practices
\n and industrial policies.<\/div>\n
\nLast Friday, the United States told the Geneva-based WTO that appeals
\n rulings in trade disputes could be vetoed if they took longer than the
\nallowed 90 days.<\/div>\n
\nThe statement by U.S. Ambassador Dennis Shea threatened to erode a
\nkey element of trade enforcement at the 23-year-old WTO: binding dispute
\n settlement, widely seen as a major bulwark against protectionism.<\/div>\n
\nIt came as Trump, who has railed against the WTO judges in the past,
\nthreatened to levy a 20 percent import tax on European Union cars, the
\nlatest in an unprecedented campaign of threats and tariffs to punish
\nU.S. trading partners.<\/div>\n
\nMnuchin was asked earlier on Friday if new trade tariffs the United
\nStates has imposed or threatened might wipe out gains from major tax
\ncuts passed into law six months ago.<\/div>\n
\n\u201cI can assure you that we are not going to do anything that wipes out
\n all those benefits or does anything that has a significant risk on
\ngrowth,\u201d he said.<\/div>\n

<\/p>\n

\n Source: Reuters (Reporting by Tom Miles in GENEVA and David Lawder,
\nSteve Holland, Patricia Zengerle, Eric Walsh and Doina Chiacu in
\nWASHINGTON;<\/div>\n","protected":false},"excerpt":{"rendered":"

U.S. Treasury Secretary Steve Mnuchin U.S. Treasury Secretary Steve Mnuchin said a report by the Axios news website, that cited sources as saying President Donald Trump wanted the United States to withdraw from the World Trade Organization, was wrong. \u201cThere\u2019s no breaking news here \u2026 it\u2019s not right,\u201d Mnuchin told Fox Business Network, calling the […]<\/p>\n","protected":false},"author":1,"featured_media":2269,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[124],"class_list":["post-768","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-trade-industry","has-post-title","has-post-date","has-post-category","has-post-tag","has-post-comment","has-post-author",""],"yoast_head":"\nU.S. Treasury chief Mnuchin slams report that Trump wants to exit WTO - The Freezone Channel<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/thefreezonechannel.com\/old\/us-treasury-chief-mnuchin-slams-repor\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"U.S. Treasury chief Mnuchin slams report that Trump wants to exit WTO - 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