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Following US President Donald Trump's announcement of reciprocal tariffs, International Monetary Fund (IMF) Managing Director Kristalina Georgieva expressed concern over the impact on the global economy and said that the tariffs represent a "significant risk to the global outlook."
Georgieva urged the United States and its trading partners to "work constructively to resolve trade tensions and reduce uncertainty." In a statement quoting Georgieva, the IMF on Thursday said, "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. 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 further said the IMF plans to release the results of its assessment in the upcoming World Economic Outlook. "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," the IMF chief said. After announcing reciprocal tariffs across the globe on Wednesday (local time), Trump emphasised that the US economy and stock market would see growth. While speaking briefly with the media on Thursday, Trump took a question on the stock market drop following the tariffs and said, "I think it's going very well," and added that the United States will "have six or seven trillion dollars coming into our country." He further said, "The markets are going to boom. The stock is going to boom. The country is going to boom -- and the rest of the world wants to see if there is any way they can make a deal. They (Countries) have taken advantage of us for many, many years." Amid worldwide criticism, Trump declared a national economic emergency and announced tariffs of at least 10 per cent across all countries, with rates even higher for 60 countries. The tariff plan imposed high levies on many countries, including 26 per cent on India, 49 per cent on Cambodia, 46 per cent on Vietnam, 34 per cent on China, 24 per cent tariff on Japan, 20 per cent on the EU, US media reported, noting that more than 180 countries and regions will face tariffs. CNN reported that US stocks tumbled in after-hours trading as President Donald Trump delivered remarks at the Rose Garden and unveiled sweeping tariffs. All eyes will now be on the Asian indices when they open for trading. (ANI)
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