December 8, 2022

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IMF warns of US-China rivalry

IMF warns of US-China rivalry

International•Nov 13 ’22 at 10:43 amAuthor of the book: Remy Cock

IMF chief Kristalina Georgieva has warned of “significant risks to the global economy” given the rivalry between China and the US. Tariffs on Chinese imports imposed by former President Donald Trump will play a more negative role. Reuters writes.

Joe Biden and Kristalina Georgieva. (ANP / Associated Press)

“We are sleepwalking towards a world that is much poorer and much less self-reliant because of competition,” Georgieva told The Washington Post yesterday. ‘I lived through the ‘first’ Cold War on the other side of the Iron Curtain and it was very ‘cold’ there. And plunging a new generation back into a cold war is incredibly reckless.

‘Settlement’ rates

US President Joe Biden has yet to reverse the tariffs imposed by his predecessor Donald Trump on Chinese imports. Thanks to that policy, American importers are losing billions of dollars. “I think it’s important to carefully consider the actions and understand the reactions that may follow,” Georgieva continued of the Trump charges. “The moment a genie is out of the bottle, it’s very difficult to get it back in.”

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Biden’s presidency has been trying for months to lower tariffs on Chinese imports to tackle inflation in the US, but China’s recent military exercises around Taiwan have given the US administration some reason to consider revising rate targets. Reuters reported last August that Beijing may also be looking at new tax rates.

Pelosi

China’s exercises have intensified since US Speaker Nancy Pelosi visited Taiwan in August. Since then, Chinese warplanes have been flying through the Taiwan Strait on a daily basis.

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