International Monetary Fund says trade tensions hinder growth

23 April, 2018, 22:00 | Author: Jason Torres
  • United States Treasury Secretary Steve Mnuchin says he is open to traveling to Beijing to talk

At the same time, the International Monetary Fund's (IMF) policymaking committee says a strong world economy is threatened by increasing tension over trade and a heavy global debt load.

"I am not going to make any comment on timing, nor do I have anything confirmed, but a trip is under consideration".

But it also expressed concerns over increasing trade and geopolitical tensions.

French Finance Minister Bruno Le Maire warned Friday that American tariffs on steel and aluminum imports could lead to retaliation by other countries and "a significant risk that the situation could escalate".

Mnuchin also said he met with Russian Finance Minister Anton Siluanov during the International Monetary Fund meeting, at Russia's request.

The officials roundly criticized Trump's get-tough approach to trade, a reversal of seven decades of USA support for increasing freedom in global commerce.

The words in the air are that US Treasury Secretary Steven Mnuchin is considering a trip to China to moderate/mitigate a trade dispute with Beijing. On Saturday, she told a media conference there would be no winners from such a conflict.

"Rising financial vulnerabilities, increasing trade and geopolitical tensions and historically high global debt threaten global growth prospects", the International Monetary Fund communique said.

"I did meet with the Chinese here".

International Monetary Fund Chife Christine Lagarde warned the gathered finance ministers about protectionism
International Monetary Fund Chife Christine Lagarde warned the gathered finance ministers about protectionism

"The Chinese side has received information that the US side hopes to come to Beijing to discuss economic and trade issues". China has announced plans to gradually remove foreign ownership caps for limits for vehicle, ship. and aircraft-makers.

Regarding trade with Japan, Mnuchin said the United States administration wanted a bilateral trade agreement.

Both countries have been locked in a war of words and threats over US President Donald Trump's decision to impose substantial tariffs on Chinese goods entering US markets. "We will refrain from competitive devaluations, and will not target our exchange rates for competitive purposes", the statement said. "It's been going on, on an industrial scale, over many years and we've been targets of it just as the USA has".

Mei said China can conduct negotiations with the USA under World Trade Organization rules, and on the other hand prepare measures to firmly fight back the unilateral and unfair trade moves if both sides failed to reach deals via talks.

"The Chinese side has received information that the United States side hopes to come to Beijing to discuss economic and trade issues".

"Soon after Trump announced the latest tariff proposal, many USA officials and economists mentioned the possibility of negotiations". "If Trump can help change China’s behavior, there is room for Japan to benefit".

In India, Consolidation is expected to resume in fiscal year 2018/19 and after, but further measures-including to ensure smooth implementation of the new goods and services tax, reductions in fuel and food subsidies, and tax reforms-are needed to support it over the medium term, the report said.

The statement quoted a ministry spokesperson saying China welcomes this development.

"Observing that strong fundamentals, sound policies, and a resilient global monetary system (IMS) are essential to the stability of exchange rates, contributing to strong and sustainable growth and investment, the IMFC said flexible exchange rates, where feasible, can serve as a shock absorber". "So there is room to do more on trade reform".

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