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05.06.2019 Business & Finance

IMF Warns US-China Tariffs To Slash Global Growth In 2020

By News Desk
Managing Director of the IMF, Christine LagardeManaging Director of the IMF, Christine Lagarde

Current and threatened US-China tariffs could slash global economic output by 0.5% in 2020, the International Monetary Fund revealed on Wednesday as world finance leaders prepare to meet in Japan this weekend.

IMF Managing Director Christine Lagarde said in a blog and briefing note for G20 finance ministers and central bank governors that taxing all trade between the two countries, as President Donald Trump has threatened, would cause some $455 billion in gross domestic product to evaporate — a loss larger than G20 member South Africa’s economy.

“These are self-inflicted wounds that must be avoided,” Lagarde said in an IMF blog post. “How? By removing the recently implemented trade barriers and by avoiding further barriers in whatever form.”