BRUSSELS: The leader govt of the World Bank urged US President Donald Trump on Thursday to be "careful" before implementing controversial steel and aluminium tariffs, caution that they may affect global trade.
Kristalina Georgieva said Trump will have to "assess the implications" before going ahead with a plan that has sparked fears of a trade battle with China and Europe and spooked world markets.
The Bulgarian former EU commissioner said that her message to Trump, who is anticipated to sign off on the tariffs later Wednesday, was to make a "careful assessment before taking any further step".
"If you take a step for a reason then you need to project on a couple of steps for the implications," Georgieva advised a small group of media outlets including AFP in Brussels. "Assess what are the implications and then advise about these implications."
The EU has vowed to retaliate towards the tariffs with its own measures concentrated on no longer simplest US steel but also merchandise corresponding to bourbon whiskey, denims, motorcycles, orange juice and cranberries.
Georgieva, whose organisation specialises in lending cash to deficient nations, added that Trump will have to take a "carefully calibrated approach to what happens in world trade".
"When trade shrinks it has implications for the poorest populations in rich countries. The goods are more expensive and poor people spend more of their money buying these goods," she said.
Trump himself gave the impression to hint at carve-outs on Thursday, vowing that the tariffs which he says are geared toward saving america steel trade and chopping its deficit would show "great flexibility" to "real friends."
European Commission Vice-President Jyrki Katainen said during the same interview that Trump's actions risked inflicting a surprise to the worldwide economic system.
"There are no winners in this trade war," he said.
"The rest of the world must adapt to the situation and try to influence the US administration's behaviour."
Kristalina Georgieva said Trump will have to "assess the implications" before going ahead with a plan that has sparked fears of a trade battle with China and Europe and spooked world markets.
The Bulgarian former EU commissioner said that her message to Trump, who is anticipated to sign off on the tariffs later Wednesday, was to make a "careful assessment before taking any further step".
"If you take a step for a reason then you need to project on a couple of steps for the implications," Georgieva advised a small group of media outlets including AFP in Brussels. "Assess what are the implications and then advise about these implications."
The EU has vowed to retaliate towards the tariffs with its own measures concentrated on no longer simplest US steel but also merchandise corresponding to bourbon whiskey, denims, motorcycles, orange juice and cranberries.
Georgieva, whose organisation specialises in lending cash to deficient nations, added that Trump will have to take a "carefully calibrated approach to what happens in world trade".
"When trade shrinks it has implications for the poorest populations in rich countries. The goods are more expensive and poor people spend more of their money buying these goods," she said.
Trump himself gave the impression to hint at carve-outs on Thursday, vowing that the tariffs which he says are geared toward saving america steel trade and chopping its deficit would show "great flexibility" to "real friends."
European Commission Vice-President Jyrki Katainen said during the same interview that Trump's actions risked inflicting a surprise to the worldwide economic system.
"There are no winners in this trade war," he said.
"The rest of the world must adapt to the situation and try to influence the US administration's behaviour."
World Bank warns Trump to be 'careful' on tariffs
![World Bank warns Trump to be 'careful' on tariffs]()
Reviewed by Kailash
on
March 09, 2018
Rating:
