Implementation of US President Donald Trump's threat to withdraw from the World Trade Organization (WTO) will hurt the US economy, the Russian Economic Development Ministry said on Friday
MOSCOW (Pakistan Point News / Sputnik - 31st August, 2018) Implementation of US President Donald Trump's threat to withdraw from the World Trade Organization (WTO) will hurt the US economy, the Russian Economic Development Ministry said on Friday.
On Thursday, Trump said in an interview with Bloomberg news that he would exit the WTO if it continued to treat the United States unfairly.
"The US economy will suffer as well from the game without rules. The United States is the world's second largest exporter. They are interested in favorable and stable conditions for access to foreign markets," the ministry's statement read.
According the ministry, US business circles are unlikely to allow Trump to implement his threats to withdraw from the WTO.
"The United States will have to enter into trade agreements with all of their largest trading partners, including the European Union, China and other countries. It is not likely that the terms of such agreements that the US negotiators would manage to 'bargain' will be better for the US economy than the conditions that exist now within the WTO framework," the statement read.
