Audio By Carbonatix
Current and threatened U.S.-China tariffs could slash global economic output by 0.5% in 2020, the International Monetary Fund warned on Wednesday as world finance leaders prepare to meet in Japan this weekend.
IMF Managing Director Christine Lagarde said in a blog and briefing note for G20 finance ministers and central bank governors that taxing all trade between the two countries, as President Donald Trump has threatened, would cause some $455 billion in gross domestic product to evaporate — a loss larger than G20 member South Africa’s economy.
“These are self-inflicted wounds that must be avoided,” Lagarde said in an IMF blog post. “How? By removing the recently implemented trade barriers and by avoiding further barriers in whatever form.”
Latest Stories
-
CHRAJ calls for stronger protection of children in Ghana’s digital space
15 minutes -
Mahama’s move to save OSP sparks row in ParliamentÂ
21 minutes -
Calm Diplomacy required in the Ghana-Israel row- Jinapor
40 minutes -
Fuel prices set to drop for Christmas – Oil Marketers Board Chair assures
53 minutes -
Black market arrests trigger rate volatility, COPEC reveals
1 hour -
Crackdown on black market dealers hurting forex market – COPEC’s Duncan Amoah
2 hours -
OpenAI makes $1bn deal to bring Disney characters to ChatGPT and Sora
2 hours -
Crypto fraudster sentenced for ‘epic’ $40bn stablecoin crash
2 hours -
Reddit launches High Court challenge to Australia’s social media ban for kids
2 hours -
Kenyan court suspends ‘landmark’ US health aid deal over data privacy concerns
3 hours -
Ex-president’s daughter sworn in as South African MP after half-sister quits
3 hours -
Parliamentary Committee assesses school feeding meals as minister hails improved quality
3 hours -
Ethiopia arrests ‘indecently’ dressed social media stars after awards ceremony
3 hours -
Messi to unveil 70ft statue of himself on ‘GOAT’ tour
3 hours -
World Cup ticket prices ‘monumental betrayal’ say fans’ group
5 hours