Managing Director of the International Monetary Fund Christine Lagarde expressed opinion that the duties and tariffs, imposed by U.S. upon Donald Trump’s initiative, can negatively affect the development of global economy, she informed during the meeting with finance ministers and governors of central banks of G-20 countries in Buenos Aires, City A. M. reports.
“In case of the worse scenario, the duties can lead to global GDP decline by 0.5%”, IMF Managing Director added.
It should be reminded that on July 20, Trump threatened to impose tariffs on all products from China.
Previously, Trump stated that he is going to impose tariffs on Chinese goods and limit Chinese investments. Later, the Ministry of Commerce of China informed that it is preparing for recurrent imposition of retaliatory tariffs on U.S. goods. Later, from April 2, China imposed increased tariffs on 128 goods, imported from U.S.
It should be noted that Trump also imposed tariffs on steel (25%) and aluminum (10%) imports from all countries, except for Canada and Mexico, for which there is an exception for 30 days.
In June, Trump approved tariffs for Chinese goods, totaling about $50 bln.
