imf warns against protectionism as trump brexit loom
Last Updated : GMT 09:07:40
Egypt Today, egypt today
Egypt Today, egypt today
Last Updated : GMT 09:07:40
Egypt Today, egypt today

as nationalist political trends threaten trade integration

IMF warns against protectionism as Trump, Brexit loom

Egypt Today, egypt today

Egypt Today, egypt today IMF warns against protectionism as Trump, Brexit loom

International Monetary Fund (IMF) Managing Director Christine Lagarde
Washington - Arab Today

The International Monetary Fund renewed its warnings against protectionism on Thursday as nationalist political trends threaten trade integration on both sides of the Atlantic.

As the IMF and World Bank kicked off what are normally staid meetings, with central bankers and finance ministers from 189 member countries gathering in Washington, anti-free trade rhetoric in the United States and Europe created a tense atmosphere.

In her opening remarks, Christine Lagarde, the IMF managing director, tried to downplay differences with new US President Donald Trump's administration over trade, financial regulation and climate change.

The fund this week bumped up its forecasts for global economic growth slightly to 3.5 percent for this year, a recently rare upward revision reflecting a rosier view of conditions in Asia and Europe.

But while acknowledging disillusionment with globalization, Lagarde said member countries should avoid the lure of trade barriers.

- 'Self-inflicted wounds' -

"All countries, of course, should guard against what I have called the self-inflicted wounds, such as restrictions, subsidies and other trade distortions that reduce competition and economic openness," she said.

Lagarde's remarks came as Britain heads toward an exit from the European Union and France prepares to stage presidential elections that also raise the prospect of quitting the bloc.

The United States is the IMF's largest single shareholder and holds veto power on the fund's board.

But Trump won the White House on a nationalist economic agenda and Commerce Secretary Wilbur Ross this week dismissed some IMF concerns as "rubbish."

Nevertheless, Lagarde said Thursday she believes the Trump administration could be an effective partner.

"From the various contacts that I have had with the administration so far, I have every reason to believe we will make progress," she said.

The fund would press for "a fair and level playing field," she added, saying that that meant "no use of distortive measures, no protectionist measures going forward."

"We need to make sure that this momentum is sustained and that we continue to have that growth and, more importantly, that that growth is shared more equitably," Lagarde said.

Needed steps include fairer taxation, job-training assistance and infrastructure investment as well as forward-looking measures to address unsustainable debt and pension schemes, she said.

"We are very pleased to see that trade is picking up. Is trade going to continue to increase and grow? We do so think so," she added.

"Is there room to improve that? Of course."

Speaking to CNBC television following her address, Lagarde issued a stark warning about the prospects of a far-right victory in France's presidential elections, the first round of which is set for Sunday.

"It would certainly entail major disorder," she said.

Although polls do not suggest a clear path to the presidency for Marine Le Pen, the leader of the far-right National Front, pundits are wary of saying she cannot win.

Le Pen has pledged to take France out of the eurozone and stage a referendum on exiting the EU, as Britain voted to do last year.

Meanwhile, German Finance Minister Wolfgang Schaeuble called on the Trump administration not to turn its back on trade liberalization.

"All of us have benefited greatly" from global integration and trade in recent decades, and Washington has been a leader in the process, he said in a speech ahead of this week's semi-annual meetings.

- 'That is fair' -

"Surely it's in America's own interest to ensure security and economic stability" in its trade partners, he added.

Speaking at a separate event on Thursday, US Treasury Secretary Steven Mnuchin declined to wade into controversy over the US trade policy.

However, in a possible nod to multilateralism, he said that discussions held among members of the Group of Seven and the Group of 20 economic forums were "very productive discussions."

At the same event, White House economic adviser Gary Cohn said the United States was only seeking fair treatment.

"We treat our trading partners the way they treat us," said Cohn, a former Goldman Sachs banker who now chairs the new National Economic Council.

A trading partner's tariffs would be met by a countermeasure, Cohn said at a forum held by the Institute of International Finance.

"We treat you in reciprocal fashion. That is fair," he said.

source: AFP

egypttoday
egypttoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

imf warns against protectionism as trump brexit loom imf warns against protectionism as trump brexit loom



GMT 09:23 2019 Friday ,30 August

Testing

GMT 17:09 2017 Friday ,29 December

At least 14 dead in Mumbai fire

GMT 13:44 2017 Thursday ,21 December

Nine-time champion Loeb set for 2018 cameo

GMT 13:08 2017 Tuesday ,26 September

Bahrain's aluminum industry thriving, manned by 12,184

GMT 08:50 2017 Sunday ,03 December

Reza Zarrab, the star witness unnerving Ankara

GMT 18:26 2018 Friday ,14 December

Mashrou’ Leila headline Apple event in Dubai

GMT 12:35 2018 Thursday ,01 November

UN chief appoints new special envoy for Syria

GMT 12:41 2016 Friday ,09 December

Blatter blasts Infantino over lack of respect

GMT 03:22 2011 Thursday ,05 May

The Leela Palace New Delhi opens

GMT 10:13 2015 Saturday ,03 January

Fashion East reveals AW15 men's presentation line-up

GMT 13:24 2017 Sunday ,13 August

Plane makes emergency landing at Cairo airport

GMT 11:06 2016 Thursday ,15 September

WADA urges Russia to stop doping hacks

GMT 14:05 2014 Thursday ,18 December

Airbnb in Amsterdam tourist tax deal, first in Europe

GMT 09:26 2016 Monday ,29 August

Egypt seeks tougher penalties

GMT 09:08 2018 Wednesday ,10 January

Federer eyes fresh 'fairytale' as Slam rivals struggle
 
 Egypt Today Facebook,egypt today facebook  Egypt Today Twitter,egypt today twitter Egypt Today Rss,egypt today rss  Egypt Today Youtube,egypt today youtube  Egypt Today Youtube,egypt today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

egypttoday egypttoday egypttoday egypttoday
egypttoday egypttoday egypttoday
egypttoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
egypttoday, Egypttoday, Egypttoday