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IMF: Trump's Steel, Aluminum Policy Could Hurt World Economies

© AFP 2021 / MARIO LAPORTAAworker checks aluminium bars on February 15, 2010 at the US aluminium company Alcoa's plant in Portovesme. (File)
Aworker checks aluminium bars on February 15, 2010 at the US aluminium company Alcoa's plant in Portovesme. (File) - Sputnik International
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WASHINGTON (Sputnik) – President Donald Trump's plans to impose tariffs on steel and aluminum would likely hurt both the US and world economies, International Monetary Fund (IMF) spokesman Gerry Rice said in a statement on Friday.

"The import restrictions announced by the US President are likely to cause damage not only outside the US, but also to the US economy itself, including to its manufacturing and construction sectors, which are major users of aluminum and steel," Rice said.

The shadow of a sculpture is reflected on the World Trade Organisation, WTO sign near the entrance of the headquarters, in Geneva (File) - Sputnik International
WTO Slams US Plans to Introduce New Steel, Aluminum Tariffs
Rice also expressed concerns that new US tariffs could prompt other countries to retaliate with import restrictions.

Instead, the United States and its trading partners should "work constructively together to reduce trade barriers and to resolve trade disagreements without resort to such emergency measures," Rice said.

Trump on Thursday said the United States had been treated unfairly by other states in bilateral trade and would therefore introduce next week 25 percent import tariffs on steel and 10 percent tariffs on aluminum to address the issue.

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