Fidelity bank banner Bayelsa State banner
IMF chief warns global trade in danger

By Jim Randle on 12/04/2018

Share on facebook Yahoo mail icon Gmail icon Share on Google+

Views: 614

•IMF MD Christine Lagarde
•IMF MD Christine Lagarde

 

The head of the International Monetary Fund is warning that the global trading system is in danger of being “torn apart.” 

In a speech prepared for delivery in Hong Kong Wednesday, Christine Lagarde urged nations to “steer clear of protectionism.” That may be a reference to Washington’s recent moves to slap large tariffs on imported steel and other products. China responded by raising tariffs on U.S.-made products, beginning a cycle that some experts warn could escalate further into a trade war. 

Lagarde says the benefits of trade far outweigh the costs and has credited unfettered global trade for drastically reducing the number of people around the world living in extreme poverty. Lagarde and other experts say everyone loses in trade wars, particularly the 800 million people around the world who, the World Bank says, remain mired in poverty.

While Lagarde’s comments implied criticism of the Trump administration, she also urged nations, presumably including China, to do a better job of protecting intellectual property. President Trump and many foreign businesses operating in China have complained that they are pressured to turn over technology secrets to Chinese partner companies in exchange for access to the huge Chinese market. She also urged economic reforms, including ending policies that unfairly favor state-owned enterprises.

Lagarde says the global economy is experiencing a strong upswing, and says now is the time for nations to make economic reforms such as opening up the service sector in developing economies, and doing more to use digital technology to improve the delivery of government public services. She warns that economic reform is more urgent now because of the growing uncertainties arising from trade tensions, uncertain geopolitics and rising fiscal and financial risks.

Lagarde’s speech comes ahead of next week's meetings of the International Monetary Fund and World Bank in Washington, where top economic and financial leaders and experts from around the world will gather to seek solutions to problems in banking, trade, deficits and many other topics. (VOA)

Source News Express

Posted 12/04/2018 12:01:50 AM

 

Share on facebook Yahoo mail icon Gmail icon Share on Google+


 

CLASSIFIED ADS

REVEALED: 3 natural ways to get stronger erections, last 25 minutes on bed, and increase manhood size without using drugs. Also, Natural Prostrate Enlargement Remedy.. Get In HERE...

 

You may also like...
Blood, tears and pain as Biafra struggles grips...

Anti-graft group decries FMBN’s refusal to obey Fashola...

Lethal Love: Bobbi Kristina's boyfriend accused of injecting...

NAPTIP inaugurates new Squad to fight human trafficking...

Ghana Black Stars skipper Asamoah Gyan battles allegeations...

Ministry targets US$27bn contribution to GDP by 2025...

2015: Intersociety calls for close monitoring of mosques,...

Group mobilises for boycott of courts over assault...

2 banks show signs of distress, fail CBN’s...

President writes Senate, seeks confirmation of nominees for...

Today’s Weather: NiMet forecasts sunshine up North, rains...

Governing Council pledges to restore LAUTECH to normalcy...

 

Latest News Boko Haram attacks: Buratai meets war commanders International Criminal Court invites Buhari Clark, Nwodo, Adebanjo, other Southern leaders stopped from flying to Makurdi for restructuring summit APC summons Akume, Ortom to Abuja Ekiti polls over policed, votes were bought, sold — TMG National carrier: FG commences negotiation with aircraft manufacturers Ekiti Election: Go to court, INEC dares defeated PDP guber candidate, Prof. Olusola Obaseki offers N10m bounty on killers of 4 policemen Court to decide Fayose’s fate, says EFCC Jeff Bezos hits $150 billion, now the richest man in modern history Mob slaughters 300 crocodiles Trump under fire after Putin meeting

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (361,624 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (358,199 views) Shameless Genevieve Nnaji exposes breasts in public (286,509 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (235,125 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (214,327 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (212,440 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (186,291 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (168,228 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (156,209 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (152,572 views) Lagos plane crash: Journalist releases victims’ names (147,475 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (138,723 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (52) Business & Economy (3,344) Business Verdict (45) Columnists (886) Complaints & Requests (94) Enterprise & Opportunities (207) Entertainment (516) Features (614) Global Business Monitor (284) International (2,135) Interview (157) Live Commentary (28) Love Matters (127) News (37,187) Opinion (1,024) Pidgin (10) Politics (5,585) Religion (783) Sports (1,612) Stock Watch (33) AMA & Al Jazeera Global Update

 

CBN banner

Firstmobile banner

 

 

NEWS EXPRESS TV

FRANCE vs CROATIA 4-2 Highlights & Goals 2018

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement