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05 MARCH 2018 AL CIRCLE

IMF warns U.S. import tariffs will hurt economies

EDITED BY : HEENA IQBAL 1MINS READ

The International Monetary Fund announced on Friday that President Donald Trump’s decision to impose tariffs on imported aluminium and steel is likely to cause damage to the United States and global economies. IMF has urged countries to constructively resolve trade disagreements.

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“The import restrictions announced by the U.S. President are likely to cause damage not only outside the U.S., but also to the U.S. economy itself, including to its manufacturing and construction sectors, which are major users of aluminium and steel,” IMF spokesman Gerry Rice said in a statement.

“We are concerned that the measures proposed by the U.S. will, de facto, expand the circumstances where countries use the national-security rationale to justify broad-based import restrictions. We encourage the U.S and its trading partners to work constructively together to reduce trade barriers and to resolve trade disagreements without resort to such emergency measures.”

 

Trump announced on Thursday that he will impose a 10 per cent import tariff on aluminium and 25 per cent on steel to safeguard U.S. producers.


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EDITED BY : HEENA IQBAL 1MINS READ

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