There was no resolution in simmering global trade tension at the International Monetary Fund spring meetings, with the US telling the fund it “must step up to the plate” in its role to reduce large surpluses in countries such as China and Germany.
As the meetings drew to a close on Saturday, finance ministers and central bank governors expressed concerns the gathering disputes on trade would derail a still strong global economy.
Lesetja Kganyago, governor of the South African Reserve Bank, who is the new chair of the IMF’s governing committee, said it was imperative countries stuck to the agreed rules on trade and stemmed the current slide into the imposition of tit-for-tat trade barriers.
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