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IMF warns US-China tariff war could trigger global economic downturn

Posted on October 25, 2024 |

The IMF cautions that rising trade tensions between the US and China could have serious repercussions for the global economy.

Increased tariffs between the two nations may disrupt global supply chains, resulting in inefficiencies and elevated costs.

Although global trade as a percentage of GDP remains constant, the nature of trade between the US and China is shifting, with reduced exchanges.

The US and EU have imposed higher tariffs on Chinese imports, alleging unfair trade practices, while China has responded with tariffs on certain EU goods.

This ongoing escalation of tariffs is affecting international trade routes.

Trump has threatened a 100% tariff on cars entering from Mexico and vowed to penalize countries leaving the US dollar system with similar tariffs.