IMF Warns US-China Trade War Will Jeopardize 2019 Global Growth
The International Monetary Fund (IMF) warned on Thursday that the escalating US-China trade war will “jeopardize” 2019 global growth, undermining confidence and raising prices for consumers.
“Consumers in the US and China are unequivocally the losers from trade tensions,” Gita Gopinath, the IMF’s chief economist, said in a blog post.
She and her co-authors directly refuted President Donald Trump’s claim that the tariffs are paid by China and provide a windfall for the US Treasury, saying “tariff revenue collected has been borne almost entirely by US importers”.
The economic damage will be even worse if Trump goes through with the threat to impose steep tariffs on all goods imported from China, as that “will subtract about one-third of a percentage point of global GDP in the short term”, she said.
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