World Bulletin / News Desk
The IMF will cooperate with the U.S., despite President President Donald Trump's proposed protectionist policies to promote global trade, Managing Director Christine Lagarde said Thursday.
"From the various contacts that I've had with the administration so far, I have every reason to believe that we will make progress," Lagarde said in opening remarks at the IMF-World Bank Spring Meetings in Washington, D.C.
Trump promised to impose a 45 percent tariff on imports from China and a 35 percent tax on imports from Mexico. Neither promises have been realized but the mere suggestion has caused jitters around global trade.
"We are concerned about trade because it has been a main engine for growth, and it's actually been one of the pillars of prosperity and growth going forward," Lagarde said.
Global trade requires "a level playing field," but it should not have any "distortive measures" or "protectionist measures going forward”, she said.
Trump has long promised to also label China a "currency manipulator" but he backed off that stance last week after meeting with Chinese President Xi Jinping.
Although Trump has made an about face on that promise which would endanger trade between the worlds two biggest economies, there is still a possibility he would choose to prioritize American jobs above the country’s trade agreements -- a move that would hamper global trade in years to come.
"I think a lot of people blame trade for the loss of jobs ... but if you ask the World Trade Organization, they will say at the very most only 20 percent of job loss is from trade," World Bank Group President Jim Yong Kim said.
Global trade helps reduce income inequality around the world, he said.
"We believe that globalization and free trade has had just an absolutely huge impact on poor people and poor countries. I think what you see is a reduction in inequality between countries,” he added.
In a bruising contest against pro-European centrist Emmanuel Macron, Le Pen is hoping to broaden her base wide enough to win the decisive second-round election, despite polls suggesting she is 20 points behind.
The 27 leaders quickly agreed on the negotiating guidelines as they met without Britain for the first time since Prime Minister Theresa May triggered the divorce process a month ago.
Abe met with British Prime Minister Theresa May on Friday, assuring her that he "continued to trust the UK economy after separation from the European Union," he told a press conference in London on Saturday.
Orban was summoned to a meeting with top officials from the European People's Party (EPP) over the law that could force the closure of a Budapest university founded by US billionaire George Soros.
"There will inevitably be a price and a cost for Britain, it's the choice they made," Hollande said as he arrived at a Brussels summit.
Turkish General Staff says more than 90 terrorists also injured in operations in northern Iraq, northeastern Syria
Opponents started rallying on April 1 against moves to strengthen his hold on power, hoping they would be a tipping point in the economic and political crisis.
"We need to remain united as the EU 27. It is only then that we will be able to conclude the negotiations, which means that our unity is also in the UK's interest," Tusk told reporters.
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