United States tells International Monetary Fund to fight global trade imbalances

IMF Managing Director Christine Lagarde. AFP

IMF Managing Director Christine Lagarde. AFP

While the timing of his visit to Beijing is unclear, and he did not provide details on the topics to be discussed, he said 'a trip is under consideration'. On Tuesday the IMF's economic outlook report predicts short-term global growth to 3.9%, it highlights debt levels, trade policies, decreased labor participation and aging populations as risks to long-term growth.

China retaliated with tariffs of its own on USA imports, particularly from the agriculture and metal industries. "We will work together to reduce excessive global imbalances in a way that supports global growth by pursuing appropriate and sustainable policies", the communique said. "It must take measures to deal a blow to the industries in many USA states that helped Trump win the 2016 presidential election and those states whose political leaders are still backing him in this year's midterm elections", he said.

In a closing communique, the International Monetary Fund expressed concern that the rising trade tensions could dim what at the moment are bright prospects for the global economy, which is expected to grow this year at the fastest pace since 2011. He said they also discussed China's planned further opening of some markets, a move that U.S. has encouraged and "appreciated".

"I did meet with the Chinese here".

Irwin says that the United States and China "are not in a trade war yet, but there's a risk of a trade war".

But some poor countries have increasing debts, too, which Lesetja Kganyago, South African Reserve Bank governor and chairman of of the International Monetary and Financial Committee, underlined on Saturday.

Beijing announced last week that it would gradually eliminate ownership caps on foreign manufacturers of vehicles, aircraft and ships.

"A trip is under consideration", Mnuchin said at a news conference in Washington.

Both countries have been locked in a war of words and threats over US President Donald Trump's decision to impose substantial tariffs on Chinese goods entering US markets.

The previous IMFC statement in October said "monetary policy should remain accommodative, where inflation is still below target and output gaps are negative". "It's been going on, on an industrial scale, over many years and we've been targets of it just as the USA has".

In a session with reporters, Mnuchin refused to say how close the United States was to resolving the various trade disputes, but he did say progress had been made. Next it proposed tariffs on $50 billion in Chinese products to sanction Beijing for its aggressive efforts to obtain US technology.

But German central bank chief Jens Weidmann said the G20 officials all agreed trade must benefit all countries.

However, Secretary Mnuchin said, the Fund's assessments of the global economy are not always relevant, urging a better and more precise response through appropriate policies and country surveillance. -China trade deficit or hold out for fundamental changes in industrial policy.

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