US should throw China out of the WTO: Peter Morici
Peter Morici, former chief economist at the U.S. International Trade Commission, said on Tuesday the United States shouldn’t leave the World Trade Organization (WTO), but rather kick China out of it.
“China is in there, but it’s not a market economy. And so it’s been driving Mack trucks through loopholes in the WTO and that is the basic problem. We don’t need to get out of the WTO, we need to throw China out, then the thing will work for us,” he told FOX Business’ Charles Payne on “Varney & Co.”
During a press conference with Dutch Prime Minister Mark Rutte, President Trump told reporters at the White House on Monday the WTO has treated the U.S. “very badly.”
“We’re not planning anything now, but if they don’t treat us properly we will be doing something,” Trump said.
Morici also criticized China’s unfair trade practices, including the country’s alleged theft of intellectual property.
“China is run by crooks and thieves, it’s the modern day mafia elevated to the level of a sovereign state,” he said. “The trick here is to get the other allies on side with us, as opposed to having a trade war with them as well, to basically clobber the Chinese on trade.”