The deputy managing director of the International Monetary Fund said a tariff war between the United States and China will be “costly for everybody,” CNBC reported.
“We are seeing geopolitically driven trade around the world, which is why when you look at overall trade to GDP that’s holding up fine; but who’s trading with whom is certainly changing,” said the IMF’s Gita Gopinath.
Last week at the Economic Club of Chicago, former President Donald Trump doubled down on his support of tariffs on foreign manufacturers, saying they are necessary to protect American jobs and industry.
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