Tariffs and unilateral trade actions are causing uncertainty: IMF chief

somoy journal desk:

Tariffs and unilateral trade actions are causing uncertainty that will lower global growth, but not enough to tip the world’s economy in to recession, International Monetary Fund chief Kristalina Georgieva said Thursday.

Georgieva sounded a positive note, that the world should seize opportunity in the face of challenges in her speech ahead of the Spring Meetings of the IMF and World Bank.

“In trade policy, the goal must be to secure a settlement among the largest players that preserve openness and deliver very important, deliver a more leveled playing field to restart a global trend towards lower tariff rates, while also reducing non-tariff barriers and distortions. We need a more resilient world economy, not a drift to division,” she told an audience at the IMF headquarters in Washington, DC.

There are worrying signs, but hopes that countries pull together and reduce uncertainty that has roiled markets, and the financial and trade world, Georgieva said in a conversation with Fox Business anchor Maria Bartiromo following the speech.

“What we see, this time around, is, a very sharp increase in uncertainty, but the economic fundamentals are still quite strong. This is why, when I spoke about what you should expect from us next week, I stress there would be markdowns, but not recession. We of course, know from experience that the longer uncertainty goes, the more likely it is to have negative impact on growth. So the more we can advance in clarity, remove this, this uncertainty, the better.”

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