IMF calls US metal trade tariffs “unfortunate”

WASHINGTON, The International Monetary Fund called the United States’ decision to reimpose steel and aluminium trade tariffs on Mexico, Canada or the European Union “unfortunate” saying “everybody loses in a trade war.” “Everybody loses in a protracted trade war, we encourage countries to work constructively together to reduce trade barriers and to resolve trade disagreements without resort to exceptional measures,” IMF spokesman Gerry Rice said in a statement released late Thursday.

“It is unfortunate that trade tensions are rising at a moment where the global recovery is being supported by trade,” Rice added.

In addition, Christine Lagarde, Managing Director of the IMF, tweeted the following comment from the G7 Symposium in Whistler, Canada: “At the end of the day, if #trade is massively disrupted, if the level of trust among economic actors is severely damaged, those who will suffer most are the poorest people #G7.” Earlier in the day, the Trump administration announced it will impose import tariffs on the three major trading partners after failing to reach deals with them to address national security concerns related to the imports.

The move prompted outcries and retaliatory tariffs on US imports, including manufactured goods and agricultural products.

Source: Kuwait News Agency

IMF calls US metal trade tariffs “unfortunate”

WASHINGTON, The International Monetary Fund called the United States’ decision to reimpose steel and aluminium trade tariffs on Mexico, Canada or the European Union “unfortunate” saying “everybody loses in a trade war.” “Everybody loses in a protracted trade war, we encourage countries to work constructively together to reduce trade barriers and to resolve trade disagreements without resort to exceptional measures,” IMF spokesman Gerry Rice said in a statement released late Thursday.

“It is unfortunate that trade tensions are rising at a moment where the global recovery is being supported by trade,” Rice added.

In addition, Christine Lagarde, Managing Director of the IMF, tweeted the following comment from the G7 Symposium in Whistler, Canada: “At the end of the day, if #trade is massively disrupted, if the level of trust among economic actors is severely damaged, those who will suffer most are the poorest people #G7.” Earlier in the day, the Trump administration announced it will impose import tariffs on the three major trading partners after failing to reach deals with them to address national security concerns related to the imports.

The move prompted outcries and retaliatory tariffs on US imports, including manufactured goods and agricultural products.

Source: Kuwait News Agency