Daily Management Review

Christine Lagarde: there’s no winner in trade wars


Managing Director of the International Monetary Fund (IMF) Christine Lagarde said that no one wins in the trade war and that the macroeconomic impact of import tariffs in the US will be serious if other countries respond with introduction of their own tariffs, Reuters reports.

World Economic Forum
World Economic Forum
"Macroeconomic impact will be serious not only in the case of the United States taking action, but especially if other countries respond, in particular those countries that are most affected, such as Canada, Europe and Germany in particular," Lagarde told French radio RTL.

"No one will win In the so-called trade war caused by mutual increases in import tariffs, both sides will be losers," Lagarde said, adding that she hopes that Trump will not implement these measures.

"We recommend an agreement between the various parties and negotiations," she said.

However, she pointed out that Trump's intentions could pose a threat to some imported goods, noting that there are several good reasons to protest against the current situation.

"There are some countries in the world that do not necessarily comply with the World Trade Organization (WTO) agreements and which presuppose the possibility of technology transfer. This is an example of China, but it is not the only country with this practice," she said.

Recall, the day after the announcement of new tariffs for the import of steel and aluminum, US President Donald Trump wrote on his Twitter page that the trade wars are good and it is easy to defeat them.

Concerns about the escalating trade war caused sales on Wall Street and in Asia and Europe. Shares of metallurgical companies and manufacturers supplying their products to the US market were hit particularly hard.

source: reuters.com


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