LONDON (Reuters) - Protectionism has never ended well, British trade minister Liam Fox said on Thursday when asked about U.S. President Donald Trump’s threat to withdraw from the World Trade Organization.
Trump, who has complained the United States is treated unfairly in global trade and has blamed the WTO for allowing that to happen, said last month that he could pull out of the global body.
“We should be pointing out that protectionism has never ended well,” Fox told parliament. “The alternative to a rules-based system is a deals-based system which will upset the balance of global trade.”
Fox said the power to withdraw from the WTO was not a presidential one, but would require sanction by Congress.
Reporting by Kylie MacLellan, editing by Elizabeth Piper