United States Commerce Secretary Wilbur Ross refused to either confirm or deny reports about Washington introducing new auto tariffs and withdrawing from the World Trade Organization. He told CNBC on Monday that it is still early to say whether the US will increase tariffs on car imports, as well as if it will pull out of the World Trade Organization (WTO).
Ross pointed out the US has received commentary on its plans to impose car tariffs from the EU and other countries. The next stage of the new tariffs consideration will include public hearings in late July and after that, the Commerce Department will provide President Donald Trump with its recommendations on the issue, according to the official.
On the issue of the WTO, Ross stressed the organization is in need of some reforms and claimed the WTO itself is aware it needs to "update and synchronize" its activities. Earlier, reports emerged Trump is considering withdrawing the US from the WTO as it was "designed by the rest of the world to screw the United States." The US president and Treasury Secretary Steven Mnuchin have since denied the reports.