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Trump suggests ignoring World Trade Organization in major policy shift [View all]
Source: WaPO, By Damian Paletta and Ana Swanson
The Trump administration on Wednesday announced a sharp break from U.S. trade policy, vowing it may ignore certain rulings by the World Trade Organization if those decisions infringe on U.S. sovereignty.
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Trump's threatened tariffs and other trade barriers could violate WTO rules and bring blowback from other countries in the trade organization. But the agenda signals the Trump administration could simply ignore those complaints.
Several trade experts said Trump's decision to work outside of the WTO in some cases could create a chain reaction, with countries deciding to impose sanctions and tariffs to help their own businesses and penalize U.S. manufacturers.
If the United States signals it will not comply with WTO decisions, and other countries impose retaliatory penalties against U.S. imports, it could usher in an era of economic protectionism worldwide. Economists and industry groups fear that could trigger a global trade war that could disrupt international business and growth.
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Trump's threatened tariffs and other trade barriers could violate WTO rules and bring blowback from other countries in the trade organization. But the agenda signals the Trump administration could simply ignore those complaints.
Several trade experts said Trump's decision to work outside of the WTO in some cases could create a chain reaction, with countries deciding to impose sanctions and tariffs to help their own businesses and penalize U.S. manufacturers.
If the United States signals it will not comply with WTO decisions, and other countries impose retaliatory penalties against U.S. imports, it could usher in an era of economic protectionism worldwide. Economists and industry groups fear that could trigger a global trade war that could disrupt international business and growth.
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Much more at: https://www.washingtonpost.com/news/wonk/wp/2017/03/01/trump-may-ignore-wto-in-major-shift-of-u-s-trade-policy/?utm_term=.bc5f3830133f
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