USA will act if not treated properly — Trump warns WTO

Trump Is Reportedly Planning to Replace the WTO With the FART Act

Last Friday the outlet had reported that Trump had asked aides about pulling the US out of the WTO, and said the world had used the organization to "screw the United States".

The website AXIOS, as well as AOL, are both reporting that the Trump Administration has drafted a bill that would abandon the United States' commitment to the World Trade Organization's rules.

In a first stage, U.S. stock markets may suffer from Trump administration's shift but in that whole "trade war" it appears the United States of America remains the biggest and the most powerful contender hence in a second stage a likely consideration by investors of US stocks as a safe haven.

Walters did, however, reiterate Trump's frustrations with the existing trade system, which he sees as unfair to the US.

The White House didn't immediately respond to HuffPost's request for comment.

Hassett said he has not heard any news that Trump plans to exit the WTO, "but we are very serious about working to reform it".

During the meeting with Rutte, Trump said he was "very close" to reaching a number of trade deals, describing them as "fair trade deals for our taxpayers, and for our workers and for our farmers".

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Although countries like China have managed to "circumvent" the WTO rules in some way, it has always been in accordance with the commercial language imposed by worldwide diplomatic agreements.

Several countries have already imposed retaliatory tariffs against several categories of American goods, lodging relevant complaints with the WTO's court.

During his meeting with Rutte, Trump also said that his administration would be meeting with European Union officials to "work something out" on trade. Washington is conducting a national security study that could lead to tariffs on imported cars and auto parts.

EU President Donald Tusk said Europe must be prepared for "worst-case scenarios" in worldwide commerce, echoing an alarm he sounded before a European summit last week.

The United States introduced higher import duties on steel and aluminum products on March 23 of this year. With Mr Trump threatening to deploy the national-security argument to introduce United States tariffs on cars and auto parts, the bloc has also vowed a firm stance on any USA automotive duties. Evidence shows that an open and stable global trading system is particularly vital to support the growth of micro and small enterprises - the engine of job creation in the US economy.

President Donald Trump speaks during a meeting with Dutch Prime Minister Mark Rutte in the Oval Office of the White House, Monday, July 2, 2018, in Washington.

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