IMF's Lagarde says nobody wins in a trade war

PARIS - 7 March 2018: The International Monetary Fund’s Managing Director Christine Lagarde said on Wednesday that nobody wins in a trade war and that the macro-economic impact of U.S. tariffs on imports would be serious if other countries respond with tariffs of their own.

“The macro-economic 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 said on French radio RTL.

On Tuesday, U.S. President Donald Trump reiterated his plan to slap big tariffs on imports of steel and aluminum, warning the European Union it would get hit with a “big tax” for not treating the United States well when it comes to trade.