June 1, 2018
Lagos (INVESTADVOCATE)-The International Monetary Fund (IMF) said through Gerry Rice its director of Communications and spokesman that there are no winners in a protracted trade war in response to media queries seeking the Funds comment on the United States’ decision to impose metal tariffs and subsequent reactions
“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.
“It is unfortunate that trade tensions are rising at a moment where the global recovery is being supported by trade. For the first time in a long time, trade is growing faster than global GDP, and spreading recovery around the world. Because of trade and innovation, billions of people today enjoy longer, healthier, and more prosperous lives,” Rice said.
In addition, Madame 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.”
This is coming on the heels of President Donald Trump Thursday slapping tariffs on steel and aluminum from EU, Canada and Mexico.