International Monetary Fund chief Kristalina Georgieva calls for reversing tariffs threatening global growth

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Georgieva, a former World Bank official who succeeded Christine Lagarde at the start of the month, is calling out the growing dangers two days after the fund projected world trade volume growth will crater this year to 1.1% from 3.6% in 2018, though it also sees some recovery next year.

Noting that the global economy is experiencing a synchronised slowdown amid trade and geopolitical tensions, Rhee said Asia is no exception to the trend and was hit hard by this trend.

France's finance minister, Bruno Le Maire, said China probably would be the real victor in the U.S. -EU trade fight.

"I was encouraged by last week's announcements from the USA and China", Georgieva said at the opening press conference of the IMF-World Bank Annual Meetings in Washington.

The World Bank's president, David Malpass, said the slowdown in global growth was hurting efforts to help the 700 million people around the world living in extreme poverty, especially in nations trying to cope with a flood of refugees from regional conflicts.

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Mais les vins européens sont également dans le collimateur de Trump, avec une taxe de 25% sur ces boissons. Le conflit entre les deux avionneurs alimente régulièrement les tensions transatlantiques.


The U.S. also still plans to impose tariffs December 15 on an additional $160 billion in Chinese products - a move that would extend the sanctions to just about everything China ships to the United States.

"Headwinds from global policy uncertainty and growth deceleration in major trading partners are taking a toll on manufacturing, investment, trade, and growth", Changyong Rhee, director of the IMF's Asia and Pacific department, said during a news conference at the International Monetary Fund and World Bank fall meetings. So far, those efforts have made little headway. He said the European Union was ready to negotiate a settlement to avoid the tariffs but so far, the Trump administration has rejected those efforts.

The IMF predicts USA growth will slow to 2.4% this year from 2.9% in 2018. -China trade agreement announced last week should lessen slightly the damage done by the trade wars - but until the two nations resolved their differences, it would not remove enough uncertainty to return the globe to solid growth. "Our meetings this week are an opportunity for all parties to make progress in moving from a trade truce to a trade peace".

Georgieva said that she hoped the discussions would focus on ways to ease trade tensions and begin the groundwork to update the rules of world trade.

U.S. Treasury Secretary Steven Mnuchin, who holds an effective veto over major Fund decisions, endorsed the move, which calls for a doubling of the IMF's crisis lending fund to about $500 billion, restoring it to levels during the 2008-09 financial crisis. The Trump administration has repeatedly attacked the Geneva-based World Trade Organization, saying it is biased against the United States.

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Great Britain, he said, remains deeply concerned about the impact of trade tensions on the global economy, and on the rules-based trading system.

Global trade and current account imbalances have been broadly unchanged in recent years, and their high degree of persistence across major economies is contributing to the build-up of future risks, Munchin said.

Trump announced a "substantial" deal on October 11 after negotiations with Liu's delegation, which he said included a promise to increase purchases of USA farm products and protections for intellectual property.

-China trade war and slumping Chinese demand were heightening risks to Asia, the world's fastest-growing region, adding to signs of a darkening global outlook.

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