The IMF has warned that Donald Trump’s attempts to reduce the US trade deficit with China by first imposing tariffs and then starting trade negotiations are doomed to fail.
General economic conditions were more important than tariffs or trade deals in causing bilateral deficits to grow or shrink, the IMF report concluded on Wednesday. It added that imposing high tariffs on one country had little effect on the country’s overall trade balance.
For the US, the IMF suggested that the US president’s decision to resort to specific tariffs on China last year would not do much to reduce its trade deficit with Beijing, but it might encourage US companies to buy goods from countries other than China.
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