The United States has suspended contributions to the World Trade Organization (WTO) to reduce government spending under President Donald Trump's plan, Reuters reported on Thursday, March 27, citing three sources familiar with the matter.
According to the publication, the Trump administration is stepping up efforts to reduce government spending and is trying to distance itself from global institutions that it believes contradict its "America First" economic policy. Trump administration plans to close some of the world organizations, including the World Health Organization, and has cut contributions to others as part of a broad review of federal spending.
"The Geneva-based trade watchdog had an annual budget of CHF 205 million (USD 232.06 million) in 2024. According to public WTO documents, the United States was supposed to contribute about 11% of that amount based on a fee system proportional to its share of world trade," the report said.
A US representative told a WTO budget meeting on March 4 that payments to the 2024 and 2025 budgets had been suspended pending a review of contributions to international organizations. The WTO is currently developing a "Plan B" in case of a prolonged funding pause.
As Ukrainian News Agency earlier reported, on March 27, Canadian Prime Minister Mark Carney called the tariffs imposed by US President Donald Trump a "direct attack" on his country.
Who we are: About us, Contacts. How we write news and our principles: Editorial code. We did our best. If you found this valuable – please support us.
To request a correction, please send an email.