IMF Assails Get-Tough Import Tariffs Like Those Trump Advocates
- ‘Emotionally gratifying’ idea needs careful thought: Obstfeld
- Trump has vowed to impose tariffs on foreign imports
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Donald Trump wants to slap tariffs on some foreign imports to help protect American workers. The International Monetary Fund on Thursday said that type of approach would hurt the U.S. economy.
Placing tariffs on imports can actually hurt the countries that levy the penalties, IMF chief economist Maurice Obstfeld said in a blog post, without mentioning Trump or any specific examples. That even applies when the countries targeted by the tariffs don’t retaliate, said Obstfeld, who served as an economic adviser to President Barack Obama before taking over as head of the IMF’s research department last year.