Two of the world’s most influential economic leaders have cautioned that you have troubling developments arising from improved trade barriers and also tariffs.
Mario Draghi, the president of the European Central Bank (ECB) and Christine Lagarde, the managing director of the International Monetary Fund (IMF) cautioned that the global trade dispute between the U.S. and China along with a threatened dispute with Europe and other industrial nations may cause headwinds for all and might get worse.
Speaking at the 8th ECB conference involved in central, eastern and south-eastern European (CESEE) countries on Wednesday, the IMF’s Lagarde stated: “we meet at a moment when support for global cooperation and multilateral solutions is waning.”
“Global growth has been subdued for more than six years and the largest economies in the world are putting up, or threatening to put up new trade barriers,” she said.
Lagarde and Draghi, who presented a welcome address at the conference, said the threat of U.S. import tariffs (on Europe) intended that some European countries which are centers of European car production Czech Republic, Slovakia, Poland, and Romania could be particularly vulnerable.
“Global trade has faced headwinds in recent years since trade-restrictive measures have outpaced liberalizing calculates,” Draghi informed the audience in Frankfurt.