Donald Trump's tariff will hurt US, wars IMF
New York, Mar 3 (IBNS): Criticising US President Donald Trump's plan of imposing a 25 per cent tariff on steel imports and 10 per cent on aluminium, the International Monetary Fund (IMF) on Friday said the move might hurt both the US and other nations.
Gerry Rice, the International Monetary Fund's spokesperson, said in a statement: "The import restrictions announced by the U.S. President are likely to cause damage not only outside the U.S., but also to the U.S. economy itself, including to its manufacturing and construction sectors, which are major users of aluminum and steel."
" We are concerned that the measures proposed by the U.S. will, de facto, expand the circumstances where countries use the national-security rationale to justify broad-based import restrictions. We encourage the U.S and its trading partners to work constructively together to reduce trade barriers and to resolve trade disagreements without resort to such emergency measures," Rice said.
Meanwhile, Trump said the country's steel industry is in a 'bad shape'.
" We must protect our country and our workers. Our steel industry is in bad shape. IF YOU DON’T HAVE STEEL, YOU DON’T HAVE A COUNTRY!," he tweeted.
Meanwhile, Canada, the largest supplier of steel to the US, said tariffs would cause disruption on both sides of the border, BBC reported.
BBC reported It is one of several countries that have said they will consider retaliatory steps if the president presses ahead with his plan next week.
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