Earlier on Friday, US President Donald Trump threatened to withdraw his country from the World Trade Organization (WTO) if it doesn’t “shape up,” stressing that the organization has ruled against the US too frequently.
“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 to the ministry, American companies are unlikely to allow the White House to implement its threats to withdraw from the organization.
“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.
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The statement comes just days after the US requested that the WTO Dispute Settlement Body arrange consultations with Moscow over Russia’s imposition of additional duties.
The WTO issue has become more pertinent for the US since March, as Washington has introduced a 25 percent tariff on imported steel products and a 10 percent tariff on imported aluminum products, triggering massive backlash around the world.