ZCZC
BCN-09
US-ECONOMY-TRADE-IMF
IMF: Trump tariffs would damage US, global economies
WASHINGTON, March 3, 2018 (BSS/AFP) – The International Monetary Fund
warned Friday that the steel and aluminum tariffs announced by President
Donald Trump will harm the US and global economies.
“The import restrictions announced by the US President are likely to cause
damage not only outside the US, but also to the US economy itself,” IMF
spokesman Gerry Rice said in a statement.
He said the move raises fears other countries could use national security
rationale “to justify broad-based import restrictions,” and urged countries
to work to resolve trade disagreements without such extremes.
It was the latest international reaction to Trump’s announcement Thursday
that he will impose 25 percent tariffs on steel imports and 10 percent on
aluminum, raising fears of a trade war and sending global stock markets
tumbling.
Those fears were exacerbated early Friday when Trump welcomed a trade war
in a blistering series of tweets, saying they are “good and easy to win.”
He raised the stakes saying he would seek to impose “reciprocal taxes” on
all imports from trading partners that have duties on US exports.
Rice urged countries to step back from such harsh steps.
“We encourage the US and its trading partners to work constructively
together to reduce trade barriers and to resolve trade disagreements without
resort to such emergency measures.”
He noted that the steel and aluminum taxes would hurt the manufacturing
and construction sectors, which are major users of aluminum and steel.
BSS/AFP/HR/1002