US-China trade war to cost $455bn in lost output, says IMF
Source: The Guardian
The International Monetary Fund has called for a speedy end to the deepening trade war between the United States and China after calculating that the tit-for-tat tariffs will cost $455bn (£357.5bn) in lost output next year – more than the size of South Africa’s economy.
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In a paper prepared for the meeting of G20 finance ministers and central bank governors in Japan this weekend, the IMF calculated that the recently announced intensification of protectionism would cut global gross domestic product by 0.3% in 2020.
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“This amounts to a loss of about $455bn, larger than the size of South Africa’s economy,” Lagarde said, noting that there was strong evidence that the US, China and the global economy were the losers from the conflict.
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“The fact is that protectionist measures are not only hurting growth and jobs, but they are also making tradable consumer goods less affordable – and disproportionately harming low-income households.”
Read more: https://www.theguardian.com/business/2019/jun/05/us-china-trade-war-to-cost-455bn-in-lost-output-says-imf
"Trade wars are good, and easy to win"
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