Following the announcement of new tariffs, the International Monetary Fund (IMF) has asked the United States and its trading partners to resolve their differences, warning that the global economy is at risk
On April 2, President Donald Trump announced sweeping tariffs of at least 10 percent on all goods entering the country.
He said the move would reset the United State’s (US) manufacturing industry, strengthen the economy, and lower consumer prices.
Reacting to the announcement in a statement on Friday, Kristalina Georgieva, the managing director of the IMF, said escalating the trade tensions pose a significant risk to the global economy.
“We are still assessing the macroeconomic implications of the announced tariff measures, but they clearly represent a significant risk to the global outlook at a time of sluggish growth,” she said.
“It is important to avoid steps that could further harm the world economy.
“We appeal to the United States and its trading partners to work constructively to resolve trade tensions and reduce uncertainty.”
Georgieva also said the IMF would release its assessment of the global economic outlook in April.
“We will share the results of our assessment in the World Economic Outlook, which will be published at the time of the IMF/World Bank Spring Meetings later this month,” she said.
Nigeria is among the countries facing Trump’s import levy hikes, with a 14 percent tariff slammed on all goods from the West African nation.
April 3, American stock markets tumbled significantly, signalling investors’ reaction to the tariffs announcement.
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