IMF warns US trade policies create risks to global economy
International Monetary Fund has warned that President Donald Trump’s aggressive trade policies are creating risks that could damage the domestic and global economies.
In its annual review of the US economy, the IMF said tax cuts will generate a short-term boost to growth but also elevate the risks to the US and global economy.
It said punitive import duties, the United States has imposed and threatened could harm the world economic recovery by catalyzing a cycle of retaliatory responses and interrupting global supply chains.
Meanwhile, EU countries have approved a raft of tariffs targeting US goods in retaliation against duties imposed by President Donald Trump on European metals.
European Commission sources in Brussels said EU member states have unanimously supported the plan for the adoption of rebalancing measures on the US tariffs on steel and aluminum.
Officials said EU tariffs would be implemented by the beginning of July.
Source: Radio Pakistan