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International News

Mar 03, 2018
10:51AM

IMF: Trump tariffs would damage US, global economies

The International Monetary Fund has warned that the steel and aluminium tariffs announced by US President Donald Trump will harm the US and global economies. IMF spokesman Gerry Rice said in a statement in Washington that the import restrictions announced are likely to cause damage not only outside the US but also to the US economy itself. He said the move raises fears other countries could use national security rationale to justify broad-based import restrictions. 

Earlier, the World Trade Organisation, WTO had expressed concern over US President's decision. WTO Director-General Roberto Azevedo said in a statement that a trade war would be in no one's interest.Meanwhile, European Union officials have said they will respond firmly if Trump presses ahead with his plan for steep global duties on metals. On Thursday, the US President announced plans to impose 25 percent tariff on steel imports and 10 percent on aluminium next week.

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