The Heisenberg Report Blog | ‘He’s Putting The Prosperity Of The World At Risk’: Trump’s WTO Threat Has Experts Holding Their Breath | Talkmarkets
Contributor's Links: The Heisenberg Report

Perhaps more than any other time in the last six decades, the fate of markets is inextricably intertwined with the ebb and flow of geopolitics. From the ECB's attempts to use the central bank's balance sheet to influence political outcomes across the eurozone to Saudi Arabia's ... more

‘He’s Putting The Prosperity Of The World At Risk’: Trump’s WTO Threat Has Experts Holding Their Breath

Date: Wednesday, July 4, 2018 9:56 PM EDT

In case you were wondering whether Axios is going to leave Donald Trump alone when it comes to reminding America that the President of the United States is not-so-quietly talking to his advisors about effectively blowing up the global trade order, the answer is definitively “no”.

Late last week, Axios published a story that cited multiple sources familiar with Trump’s thinking/venting/ranting who all seemed to think the President is some semblance of serious when it comes to trying to torpedo the World Trade Organization.

One source paraphrased (maybe) Trump as follows:

We always get f*%cked by them [the WTO]. I don’t know why we’re in it. The WTO is designed by the rest of the world to screw the United States.

As a reminder, that isn’t true – at all.

And if Trump had read The “Economic Report of the President” (as opposed to just signing it), he would know better. I guess he missed the sections in there about how the U.S has won nearly 86% of the cases the country has initiated before the WTO over the last 23 years, compared to the global average of 84.4%. For reference, China’s success rate is a comparatively paltry 66.7%.

In other words, this is a lie:

But hey, so many “documents” to “study” and so little time, right?

The Axios story came on a morning when Kellyanne Conway said the “WTO is another group that [Trump] said we should take a look at”, another indication that this administration is indeed actively pondering its options, despite the necessity of including Congress in any and all serious discussions of the issue.

Investors were unnerved by the Axios report and Steve Mnuchin was quick to dismiss it as “fake news” in an interview with Maria Bartiromo who, by virtue of working for Fox, knows a thing or two (or two hundred) about fake news. The clip is especially creepy in slow motion:

Well, Jonathan Swan (from Axios) was having none of it. Specifically, he accused Mnuchin of lying and just a day later, Axios published the details of what they say is a “leaked draft of a Trump administration bill — ordered by the president himself — that would declare America’s abandonment of fundamental World Trade Organization rules.”

1 2 3
View single page >> |
Disclaimer: This and other personal blog posts are not reviewed, monitored or endorsed by TalkMarkets. The content is solely the view of the author and TalkMarkets is not responsible for the content of this post in any way. Our curated content which is handpicked by our editorial team may be viewed here.

Comments

Leave a comment to automatically be entered into our contest to win a free Echo Show.