The International Monetary Fund (IMF) Managing Director, Kristalina Georgieva, on Thursday termed the US tariffs a ‘significant risk’ to the global economy.
She said that at a time when growth has been slow, President Donald Trump’s tariffs represent a serious risk to the world economy and that it is crucial to avoid actions that could worsen the situation.
She also appealed to the United States and its trading partners to work constructively to reduce tensions.
“It is important to avoid steps that could further harm the world economy. We appeal to the United States and its trading partners to work constructively to resolve trade tensions and reduce uncertainty,’ added the IMF head.
Georgieva stated that at the April 21–26 meetings in Washington, DC the IMF will present its evaluation of the declared tariffs when it publishes an update to its World Economic Outlook.
US President Donald Trump has announced the imposition of retaliatory tariffs potentially escalating the global trade war and increasing uncertainty in geopolitics.
The tariffs Trump announced today will range from 10 per cent to 49 per cent on a country-by-country basis, according to a handout provided to reporters listing tariffs on 25 countries.
Trump said the level of tariffs that the US will charge on imports from those countries was determined by calculating the level of tariffs and trade barriers those countries have in place on US made products, though it remains unclear how the White House arrived at these numbers.
The US President has imposed a 29 percent retaliatory tariff on Pakistan.
