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'No one wins in a trade war' -IMF warns

'No one wins in a trade war' -IMF warns

Mubasher: The International Monetary Fund’s (IMF) managing director Christine Lagarde said that a trade war would have a negative impact on all markets and players, citing trade disputes between the US and its trade partners.

"The macroeconomic impact would be serious, not only if the United States took action, but especially if other countries were to retaliate, notably those who would be most affected, such as Canada, Europe, and Germany in particular," Lagarde stated in an RTL Radio interview on Wednesday.

These comments came after US President Donald Trump last week posted on his Twitter account that trade wars were a good and easy to win if trade deals cost a country a big fortune, citing his earlier comments about his country's plans to impose heavy tariffs on steel and aluminum imports.

The IMF’s top executive hoped that Trump’s tariffs would not come into effect, noting that "in a so-called trade war, nobody wins.”

US Congress Republicans on Tuesday also expressed concerns over the risks of a potential trade war after Trump’s provoking remarks.

On a separate note, Lagarde added that "there are some countries in the world that do not necessarily respect the World Trade Organization's agreements, and which impose technology transfers."