Marking a departure from a decades-long US-led drive for open and free trade, Trump has justified the steep tariffs with claims that massive flows of imports to the United States threaten national security.
The act would allow Trump to ignore the WTO's "most favored nation" principle, which stops countries trading on different terms with different trading partners unless they have a formal trade agreement, Axios said.
President Trump then warned, "We're not planning anything now, but if they don't treat us properly, we will be doing something".
Russian Federation has started fighting back at the World Trade Organization against steel and aluminium tariffs imposed by the United States, a document circulated to WTO members today showed.
His comments come a day after Axios published a leaked copy of a trade bill that would have the USA break with World Trade Organization rules.
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The United States has "a big disadvantage with the WTO".
"It would be the equivalent of walking away from the WTO and our commitments there without us actually notifying our withdrawal", a source familiar with the bill told the outlet, but added that Congress would never agree to the bill, describing it as "insane".
"I think the European Union - we're going to be meeting with them fairly soon, Trump said".
Later on Monday, White House spokeswoman Sarah Sanders said Trump was focused on fixing problems in global trade, not on leaving the trade organization that has been a foundation of the postwar global trading system.
More recently, he imposed tariffs on steel and aluminum imported into the United States from various countries and is set to impose tariffs on billions of dollars worth of Chinese imports beginning on Friday. "American consumers pay for tariffs", Scaramucci said.
Under the bill, Trump would be able to impose tariffs without congressional consent.