South Korean farmers protest the WTO in Hong Kong in 2005. Photo: MN Chan/Getty

President Trump said Monday that the World Trade Organization (WTO) has treated the U.S. "very badly" and if nothing changes "we will be doing something."

Why it matters: The WTO regulates 98% of global trade, and is largely seen as beneficial to the United States. Exiting the organization would likely raise prices on imported goods and make it more difficult for exporters.

By the numbers:

  • The United States wins 87% of the cases it brings to the WTO against other countries.
  • The U.S. files more cases with the WTO than any other nation, ahead of the EU and Canada.
  • Other countries file more cases against the U.S. than any other nation, ahead of the EU and China.
  • The U.S. loses 75% of the cases filed against them in the WTO. These winning and losing records are both better than average for members.
  • It takes six months for a country to file a withdrawal notice with the WTO and for it to go into effect, if the U.S. were to exit the organization.
  • Two-thirds of cases are settled between countries before they reach a WTO panel.
  • Trade made up 27% of the U.S. GDP in 2016.
  • In 2016, then-candidate Donald Trump said the WTO was a "disaster" and proposed a 35% tariff on Mexican imports and 45% on Chinese imports. Countries subject to Trump's steel and aluminum tariffs are filing challenges with the WTO, saying they violate terms of the agreement.

Don't forget: Membership in the WTO grants the U.S. preferential access to markets of other members, even if relations are geopolitically rocky. If the U.S. were to leave, they would have to negotiate lots of other free trade agreements; current free trade agreements only cover 40% of trade.

Go deeper: Trump's private threat to upend global trade

Go deeper

1 hour ago - World

U.S. policy shift will allow taxpayer funding for projects in West Bank settlements

Friedman (L) with Netanyahu. Photo: Menahem Kahana/AFP via Getty Images

The U.S. and Israel will announce tomorrow that they are expanding three agreements on scientific cooperation to include Israeli settlements in the West Bank, Israeli and U.S. officials tell me.

Why it matters: This is a substantial policy shift for the U.S., which did not previously allow its taxpayers' money to be spent in the Israeli settlements.

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Politics: Obama: Trump is "jealous of COVID's media coverage" Axios-Ipsos poll: Federal response has only gotten worse.
  2. Health: Hospitals face a crush — 13 states set single-day case records last week.
  3. Business: Winter threat spurs new surge of startup activity.
  4. Media: Pandemic causes TV providers to lose the most subscribers ever.
  5. States: Nearly two dozen Minnesota cases traced to three Trump campaign events.
  6. World: Putin mandates face masks.

McConnell: Confirming Amy Coney Barrett will help GOP retain Senate

Photo: Samuel Corum/Getty Images

Senate Majority Leader Mitch McConnell (R-Ky.) expressed no regrets about Judge Amy Coney Barrett's controversial confirmation, telling Politico in an interview that he believes the decision to place her on the Supreme Court just a week before the election will help Republicans retain the Senate.

Why it matters: With a week to go until Election Day, many Republicans are concerned that President Trump's unpopularity could cost them the Senate. McConnell has long viewed the transformation of the federal judiciary through the confirmation of young conservative judges as his defining legacy.