International Monetary Fund (IMF) Managing Director Kristalina Georgieva (right) and Director of Strategic Communications Julie Kozak during the Spring Meetings of the International Monetary Fund (IMF) and World Bank at International Monetary Remarks at a press conference on the global policy agenda at IMF Headquarters in Washington, DC, April 13, 2023.
Mandel Yan | AFP | Getty Images
The United States would be better served by maintaining an open trading system rather than imposing it. New punitive obligations The International Monetary Fund said on Thursday that the United States and Beijing should work together to resolve trade tensions.
International Monetary Fund spokesperson Julie Kozak told a regular news conference that trade restrictions announced by U.S. President Joe Biden on Tuesday could distort trade and investment, disrupt supply chains and trigger retaliatory actions.
“This type of fragmentation could be very costly for the global economy,” she said.
Kozak said the International Monetary Fund expected to impose about 3,000 global trade restrictions in 2023, up from 1,000 in 2019, which could reduce global economic output in a worst-case scenario in which geopolitical blocs are severely divided. A reduction of about 7% is equivalent to eliminating the merger of Japan and Germany.
“With regard to tariffs, we believe the United States will be better served by maintaining an open trade policy that is critical to its economic performance,” Kozak said. “We also encourage the United States and China to work together to find solutions to the worsening The underlying issue of trade tensions between the two countries.”
Washington has sought to justify steep increases in tariffs on Chinese electric vehicles, solar products, semiconductors, medical supplies and other products as a preemptive measure to protect domestic industries from Chinese economic policies that encourage overinvestment and overinvestment in these products. Overproduction.
Beijing vows to retaliate against new tariffs and has defendant Some U.S. officials “lost their minds.”
Kozak said that Gita Gopinath, the first deputy managing director of the International Monetary Fund, will go to Beijing from May 26 to 29 to meet with government officials to discuss the International Monetary Fund’s annual “fourth report” on China’s economic policy. Article” review. Gopinath will hold a press conference on May 29 on the International Monetary Fund’s China recommendations.
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