Sterling rises as Germany’s Merkel comments on possible Brexit solution

Sterling hit a three-week high against the dollar Thursday after German Chancellor Angela Merkel said a solution to the Irish “backstop” is possible before the October 31 Brexit deadline. “I said that what one can achieve in three or two years can also be achieved in 30 days. Better said, one must say that one can also achieve it by October 31,” Merkel told a news conference in the Hague. Her comments build on a speech Wednesday alongside U.K. Prime Minister Boris Johnson when she suggested that


Sterling hit a three-week high against the dollar Thursday after German Chancellor Angela Merkel said a solution to the Irish “backstop” is possible before the October 31 Brexit deadline. “I said that what one can achieve in three or two years can also be achieved in 30 days. Better said, one must say that one can also achieve it by October 31,” Merkel told a news conference in the Hague. Her comments build on a speech Wednesday alongside U.K. Prime Minister Boris Johnson when she suggested that
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Company: cnbc, Activity: cnbc, Date: 2019-08-22  Authors: matt clinch spriha srivastava, matt clinch, spriha srivastava
Keywords: news, cnbc, companies, solution, ireland, merkel, germanys, irish, brexit, johnson, days, comments, 31, sterling, rises, uk, possible, 30, told, leave


Sterling rises as Germany's Merkel comments on possible Brexit solution

Sterling hit a three-week high against the dollar Thursday after German Chancellor Angela Merkel said a solution to the Irish “backstop” is possible before the October 31 Brexit deadline.

“I said that what one can achieve in three or two years can also be achieved in 30 days. Better said, one must say that one can also achieve it by October 31,” Merkel told a news conference in the Hague.

Her comments build on a speech Wednesday alongside U.K. Prime Minister Boris Johnson when she suggested that both sides could find a solution to the Irish backstop in the next 30 days. This was seen as signal that she was willing to compromise with Johnson and the extended deadline from her comments on Thursday gave sterling a boost.

“It is not about 30 days. The 30 days were meant as an example to highlight the fact that we need to achieve it in a short time because Britain had said they want to leave the European Union on October 31,” she added, according to a translation for Reuters.

Sterling jumped past $1.22 to trade 0.75% higher for the session by 2:00 p.m. London time. Meanwhile, London’s FTSE fell, trading 0.5% lower. Sterling is down more than 5% since the start of the year and down more than 14% since the U.K. voted to leave the European Union in 2016.

The Irish backstop — the most controversial part of the existing Brexit deal — is to do with maintaining a seamless border on the island of Ireland. It’s seen as a way to keep the porous border between the Republic of Ireland and Northern Ireland (which is a part of the U.K.) open in the event that the U.K. and EU fail to agree a future trade deal at the end of a 21-month transition period.

Its unpopularity with pro-Brexit lawmakers stems from its requirement that the U.K. remains in a single customs territory with the EU for an indefinite amount of time.

New U.K. leader Johnson is fighting hard to drop this part from the Withdrawal Agreement and has warned his EU counterparts that Britain could leave without a deal in place if nothing is agreed before the October 31 deadline. Sterling has slipped in recent months on the prospect of this no-deal scenario.

Stephen Gallo, a forex strategist at BMO Capital Markets, told CNBC that currency traders have been betting heavily against the pound recently and Merkel’s comments hint at an attempt to compromise.

“Is Brussels about to ‘blink’? GBP shorts are not waiting around to find out,” he told CNBC via email. In the medium term, he says the picture hasn’t changed, however.

“We still think the odds of a WTO Brexit are elevated, and in any case, there could well be a snap election in the U.K. before October 31st. We would still be selling rallies in GBPUSD,” he said.


Company: cnbc, Activity: cnbc, Date: 2019-08-22  Authors: matt clinch spriha srivastava, matt clinch, spriha srivastava
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Hong Kong airport returns to calm, after riot police clashed with protesters earlier

Riot police disperse anti-extradition bill protesters during a mass demonstration after a woman was shot in the eye, at the Hong Kong international airport, in Hong Kong China August 13, 2019. Thomas Peter | ReutersThe Hong Kong airport returned to calm as most protesters left the airport early Wednesday morning. At the airport, protesters discussed among themselves whether they should simply block all access to the facility. On Tuesday, President Donald Trump tweeted that U.S. intelligence info


Riot police disperse anti-extradition bill protesters during a mass demonstration after a woman was shot in the eye, at the Hong Kong international airport, in Hong Kong China August 13, 2019. Thomas Peter | ReutersThe Hong Kong airport returned to calm as most protesters left the airport early Wednesday morning. At the airport, protesters discussed among themselves whether they should simply block all access to the facility. On Tuesday, President Donald Trump tweeted that U.S. intelligence info
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Hong Kong airport returns to calm, after riot police clashed with protesters earlier

Riot police disperse anti-extradition bill protesters during a mass demonstration after a woman was shot in the eye, at the Hong Kong international airport, in Hong Kong China August 13, 2019. Thomas Peter | Reuters

The Hong Kong airport returned to calm as most protesters left the airport early Wednesday morning. Earlier, riot police clashed with pro-democracy protesters late Tuesday night, moving into the terminal where the demonstrators had shut down operations at the busy transport hub for two straight days. The Tuesday night demonstrations involved officers armed with pepper spray and batons confronting the protesters who used luggage carts to barricade entrances to the airport terminal. Police took several people into a police van waiting at the entrance to the airport’s arrivals hall. Police said they tried to help ambulance officers reach an injured man whom protesters had detained on suspicion of being an undercover agent. Protesters also detained a second man who they suspected of being an undercover agent. After emptying out his belongings, they found a blue T-shirt that has been worn by pro-Beijing supporters that they said was evidence he was a spy.

Earlier in the day, authorities were forced to cancel all remaining flights as the city’s pro-Beijing leader warned that the protesters had pushed events onto a “path of no return.” After a brief period when flights were able to take off and land, the airport authority suspended check-in services for departing flights as of 4:30 p.m. Departing flights that had completed the process were able to continue to operate. It said it did not expect arriving flights to be affected, although dozens were already canceled. The authority advised people not to come to the airport, one of the world’s busiest. More than 200 flights were canceled Monday and the airport was effectively shut down with no flights taking off or landing. Passengers have been forced to stay in the city while airlines tried to find other ways to get them to their destinations. For Grace Bendal, a 43-year-old contractor from the Philippines, Tuesday was the second straight day she came to the airport only to learn flights were canceled. She spent the weekend in Hong Kong with her primary school-age children, who were eager to return to classes. She said they have already missed two days of school and the extra day in the city has cost her around 3,000 Hong Kong dollars ($400). Though there were no airline employees at check-in counters Tuesday evening, Bendal said she and her children planned to stay at the airport all night. “I cannot blame them, because they are fighting for something,” Bendal said of the protesters. “But then it’s not right if we are the ones suffering.” The airport disruptions are an escalation of a summer of demonstrations aimed at what many Hong Kong residents see as an increasing erosion of the freedoms they were promised in 1997 when Communist Party-ruled mainland China took over what had been a British colony. The protests have built on an opposition movement that shut down much of the city for seven weeks in 2014 before it eventually fizzled and its leaders were jailed on public disturbance charges. The central government in Beijing has ominously characterized the current protest movement as something approaching “terrorism” that poses an “existential threat” to citizens. While Beijing tends to define terrorism broadly, extending it especially to nonviolent movements opposing government policies in minority regions such as Tibet and Xinjiang, its use of the term in relation to Hong Kong raised the prospect of greater violence and the possible suspension of legal rights for those detained.

Hong Kong leader Carrie Lam said the instability, chaos and violence have placed the city on a “path of no return.” The black-clad demonstrators have shown no sign of letting up on their campaign to force Lam’s administration to respond to their demands, including that she step down and scrap proposed legislation under which some suspects could be sent to mainland China, where critics say they could face torture and unfair or politically charged trials. Lam has rejected all calls for dialogue, part of what analysts say is a strategy to wear down the opposition movement through police action while prompting demonstrators to take more violent and extreme actions that will turn the Hong Kong public against them. At the airport, protesters discussed among themselves whether they should simply block all access to the facility. Meanwhile, paramilitary police were assembling across the border in the city of Shenzhen for exercises that some saw as a threat to increase force against the mostly young protesters who have turned out by the thousands in the past 10 weeks. On Tuesday, President Donald Trump tweeted that U.S. intelligence informed him that Chinese troops were being moved to the Hong Kong border.

Anti-government protesters try to prevent a passenger from breaching a barricade in front of departure gates, during a demonstration at Hong Kong Airport, China August 13, 2019. Thomas Peter | Reuters


Company: cnbc, Activity: cnbc, Date: 2019-08-13  Authors: matt clinch
Keywords: news, cnbc, companies, airport, clashed, riot, earlier, flights, return, shut, kong, hong, china, returns, city, night, protesters, calm


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Hong Kong airport cancels all flights for the remainder of the day due to protests

Hong Kong International Airport, one of the world’s busiest terminals, has canceled all departures for the remainder of the day, citing serious disruption due to protests. The airport authority said Monday it had canceled all flights not yet checked in by the afternoon. Around 5,000 anti-government protesters had been demonstrating at the airport for a fourth day on Monday. Some activists had reportedly moved to the departure area and caused disruption, according to the Hong Kong police. The air


Hong Kong International Airport, one of the world’s busiest terminals, has canceled all departures for the remainder of the day, citing serious disruption due to protests. The airport authority said Monday it had canceled all flights not yet checked in by the afternoon. Around 5,000 anti-government protesters had been demonstrating at the airport for a fourth day on Monday. Some activists had reportedly moved to the departure area and caused disruption, according to the Hong Kong police. The air
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Hong Kong airport cancels all flights for the remainder of the day due to protests

Hong Kong International Airport, one of the world’s busiest terminals, has canceled all departures for the remainder of the day, citing serious disruption due to protests.

The airport authority said Monday it had canceled all flights not yet checked in by the afternoon. Around 5,000 anti-government protesters had been demonstrating at the airport for a fourth day on Monday. Some activists had reportedly moved to the departure area and caused disruption, according to the Hong Kong police. The police declined to say if it would move to clear the demonstrators.

The airport authority said in a statement: “Airport operations at Hong Kong International Airport have been seriously disrupted as a result of the public assembly at the airport today.”

“The traffic to the airport is very congested, and the car park spaces at all car parks are already full. Members of the public are advised not to come to the airport,” it added. It later advised all passengers to leave the terminal building as soon as possible.

The increasingly violent protests since June have plunged the Asian financial hub into its most serious crisis in decades and are one of the biggest popular challenges to Chinese leader Xi Jinping since he came to power in 2012.


Company: cnbc, Activity: cnbc, Date: 2019-08-12  Authors: matt clinch
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US Treasury yields rise ahead of GDP data

U.S. government debt yields rose Friday morning, as traders looked ahead to fresh data and weighed the possibility of a less dovish tone from the Federal Reserve next week. ET, the yield on the benchmark 10-year Treasury note, which moves inversely to price, was higher at around 2.0773%, while the yield on the 30-year Treasury bond was higher at 2.6060%. Investors have been considering whether the Fed might not be as dovish as expected when it meets next week. This was on the back of strong econ


U.S. government debt yields rose Friday morning, as traders looked ahead to fresh data and weighed the possibility of a less dovish tone from the Federal Reserve next week. ET, the yield on the benchmark 10-year Treasury note, which moves inversely to price, was higher at around 2.0773%, while the yield on the 30-year Treasury bond was higher at 2.6060%. Investors have been considering whether the Fed might not be as dovish as expected when it meets next week. This was on the back of strong econ
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Company: cnbc, Activity: cnbc, Date: 2019-07-26  Authors: matt clinch
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US Treasury yields rise ahead of GDP data

U.S. government debt yields rose Friday morning, as traders looked ahead to fresh data and weighed the possibility of a less dovish tone from the Federal Reserve next week.

At around 2:00 a.m. ET, the yield on the benchmark 10-year Treasury note, which moves inversely to price, was higher at around 2.0773%, while the yield on the 30-year Treasury bond was higher at 2.6060%.

Investors have been considering whether the Fed might not be as dovish as expected when it meets next week. This was on the back of strong economic data out on Thursday and comments from the European Central Bank that the risk of a recession in the region is low.

Traders are currently pricing a cut in rates by a quarter percentage point, not a half point, as some analysts had previously forecast ahead of the Fed’s meeting.

On Friday, traders will be monitoring new economic data, with U.S. GDP (gross domestic product) figures due at 08:30 a.m. ET. It is expected to come in at 1.8%, according to economists surveyed in CNBC/Moody’s Analytics Rapid Update.

There are no Treasury auctions scheduled for Friday.


Company: cnbc, Activity: cnbc, Date: 2019-07-26  Authors: matt clinch
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Central banks cannot perform miracles and lawmakers need to reduce uncertainty, ECB member says

France’s central bank governor told CNBC Saturday that monetary policy cannot compensate for trade tensions, and political leaders need to act in order to fend off today’s economic threats. “And let us be clear, uncertainty created by trade tensions,” Villeroy de Galhau, who is also a member of the Governing Council at the European Central Bank (ECB), said. “So the priority is to reduce this uncertainty and here we will do our duty as central bankers, but monetary policy cannot do everything. Mo


France’s central bank governor told CNBC Saturday that monetary policy cannot compensate for trade tensions, and political leaders need to act in order to fend off today’s economic threats. “And let us be clear, uncertainty created by trade tensions,” Villeroy de Galhau, who is also a member of the Governing Council at the European Central Bank (ECB), said. “So the priority is to reduce this uncertainty and here we will do our duty as central bankers, but monetary policy cannot do everything. Mo
Central banks cannot perform miracles and lawmakers need to reduce uncertainty, ECB member says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-08  Authors: matt clinch
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Central banks cannot perform miracles and lawmakers need to reduce uncertainty, ECB member says

France’s central bank governor told CNBC Saturday that monetary policy cannot compensate for trade tensions, and political leaders need to act in order to fend off today’s economic threats.

Speaking to CNBC’s Annette Weisbach at an economic conference in Aix-en-Provence in southern France, François Villeroy de Galhau underlined that the main threat to global growth at present is uncertainty.

“And let us be clear, uncertainty created by trade tensions,” Villeroy de Galhau, who is also a member of the Governing Council at the European Central Bank (ECB), said.

“So the priority is to reduce this uncertainty and here we will do our duty as central bankers, but monetary policy cannot do everything. Monetary policy has no magic wand, it cannot make miracles. And it’s up to political leaders to reduce these uncertainties, sometimes self-created,” he added.

The world’s two largest economies are locked in a trade war that has hurt global growth and threatened to spill over into other regions. The U.S. has so far slapped a 25% tariff on $250 billion of Chinese goods, and Beijing has also raised tariffs on billions of dollars’ worth of American products. This week, the U.S. government also ratcheted up pressure on Europe by threatening tariffs on $4 billion of additional EU goods.


Company: cnbc, Activity: cnbc, Date: 2019-07-08  Authors: matt clinch
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US Treasury yields rise ahead of G-20 trade meeting between US and China

U.S. government debt prices fell on Friday morning ahead of a crucial meeting between the United States and China. At around 3:00 a.m. ET, the yield on the benchmark 10-year Treasury note, which moves inversely to price, was higher at around 2.0241%, while the yield on the 30-year Treasury bond was higher at 2.5428%.


U.S. government debt prices fell on Friday morning ahead of a crucial meeting between the United States and China. At around 3:00 a.m. ET, the yield on the benchmark 10-year Treasury note, which moves inversely to price, was higher at around 2.0241%, while the yield on the 30-year Treasury bond was higher at 2.5428%.
US Treasury yields rise ahead of G-20 trade meeting between US and China Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-28  Authors: matt clinch
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US Treasury yields rise ahead of G-20 trade meeting between US and China

U.S. government debt prices fell on Friday morning ahead of a crucial meeting between the United States and China.

At around 3:00 a.m. ET, the yield on the benchmark 10-year Treasury note, which moves inversely to price, was higher at around 2.0241%, while the yield on the 30-year Treasury bond was higher at 2.5428%.


Company: cnbc, Activity: cnbc, Date: 2019-06-28  Authors: matt clinch
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ECB’s Draghi hits back at Trump: ‘We don’t target the exchange rate’

Mario Draghi, head of the European Central Bank, had some stern words for President Donald Trump just hours after the U.S. commander in chief accused him of unfairly targeting the euro’s exchange rate. “We have our remit, we have our mandate,” Draghi told an audience at the ECB’s annual forum in Sintra, Portugal, on Tuesday. He iterated that the euro zone’s central bank is “ready to use all the instruments that are necessary to fulfill this mandate.” “And we don’t target the exchange rate,” he s


Mario Draghi, head of the European Central Bank, had some stern words for President Donald Trump just hours after the U.S. commander in chief accused him of unfairly targeting the euro’s exchange rate. “We have our remit, we have our mandate,” Draghi told an audience at the ECB’s annual forum in Sintra, Portugal, on Tuesday. He iterated that the euro zone’s central bank is “ready to use all the instruments that are necessary to fulfill this mandate.” “And we don’t target the exchange rate,” he s
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Company: cnbc, Activity: cnbc, Date: 2019-06-18  Authors: matt clinch
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ECB's Draghi hits back at Trump: 'We don't target the exchange rate'

Mario Draghi, head of the European Central Bank, had some stern words for President Donald Trump just hours after the U.S. commander in chief accused him of unfairly targeting the euro’s exchange rate.

“We have our remit, we have our mandate,” Draghi told an audience at the ECB’s annual forum in Sintra, Portugal, on Tuesday.

“Our mandate is price stability defined as a rate of inflation which is close to but below 2% over the medium term.”

He iterated that the euro zone’s central bank is “ready to use all the instruments that are necessary to fulfill this mandate.” “And we don’t target the exchange rate,” he said to applause from the crowd.

Trump went after Draghi early Tuesday for opening the door to more monetary stimulus in Europe, which would likely weaken the common currency against the greenback.

“They have been getting away with this for years, along with China and others,” Trump said in a tweet, noting a weaker euro would make it “unfairly easier for them to compete against the USA.”

Trump later also highlighted gains in the German DAX stock market, attributing the move to Draghi’s comments. “Very unfair to the United States,” he said.


Company: cnbc, Activity: cnbc, Date: 2019-06-18  Authors: matt clinch
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Criticism of Fed doesn’t bode well for the next financial crash, former Vice Chair Fischer warns

Former Federal Reserve Vice Chair Stanley Fischer said Tuesday that criticism of the central bank would only cause more uncertainty and accentuate any financial crash that hits the U.S. economy. In a direct nod to President Donald Trump’s continued comments on monetary policy and Fed Chair Jerome Powell, Fischer said the criticism is more serious in this current environment than in previous eras. “It becomes much more important in the fact that the chairman of the Fed is nominated for only a fou


Former Federal Reserve Vice Chair Stanley Fischer said Tuesday that criticism of the central bank would only cause more uncertainty and accentuate any financial crash that hits the U.S. economy. In a direct nod to President Donald Trump’s continued comments on monetary policy and Fed Chair Jerome Powell, Fischer said the criticism is more serious in this current environment than in previous eras. “It becomes much more important in the fact that the chairman of the Fed is nominated for only a fou
Criticism of Fed doesn’t bode well for the next financial crash, former Vice Chair Fischer warns Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-18  Authors: matt clinch
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Criticism of Fed doesn't bode well for the next financial crash, former Vice Chair Fischer warns

Former Federal Reserve Vice Chair Stanley Fischer said Tuesday that criticism of the central bank would only cause more uncertainty and accentuate any financial crash that hits the U.S. economy.

In a direct nod to President Donald Trump’s continued comments on monetary policy and Fed Chair Jerome Powell, Fischer said the criticism is more serious in this current environment than in previous eras.

“It becomes much more important in the fact that the chairman of the Fed is nominated for only a four-year term — that’s what Jay Powell has. And the next nomination, if the president wins the election, would be by the president,” he told an audience at the European Central Bank’s annual forum in Sintra, Portugal, on Tuesday.

“And that would produce a very different monetary policy. And when that happens there will be a lot of questions to ask,” he added, mentioning the liquidity loans that were provided by the U.S. central bank in the 2008 crash.

Fischer, who stepped down in September 2017, said the Fed’s lender-of-last-resort function had been reduced by Congress in the Dodd-Frank Wall Street Reform and Consumer Protection Act, and it now had less freedom to make emergency loans in times of financial stress.


Company: cnbc, Activity: cnbc, Date: 2019-06-18  Authors: matt clinch
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Treasury yields edge lower as Wall Street rally fades

U.S. government debt prices rose Thursday morning, as risk-on sentiment faded on Wall Street after two sessions of strong gains. At around 2:00 a.m. ET, the yield on the benchmark 10-year Treasury note, which moves inversely to price, was lower at around 2.1139%, while the yield on the 30-year Treasury bond was lower at 2.6274%.


U.S. government debt prices rose Thursday morning, as risk-on sentiment faded on Wall Street after two sessions of strong gains. At around 2:00 a.m. ET, the yield on the benchmark 10-year Treasury note, which moves inversely to price, was lower at around 2.1139%, while the yield on the 30-year Treasury bond was lower at 2.6274%.
Treasury yields edge lower as Wall Street rally fades Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-06  Authors: matt clinch
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Treasury yields edge lower as Wall Street rally fades

U.S. government debt prices rose Thursday morning, as risk-on sentiment faded on Wall Street after two sessions of strong gains.

At around 2:00 a.m. ET, the yield on the benchmark 10-year Treasury note, which moves inversely to price, was lower at around 2.1139%, while the yield on the 30-year Treasury bond was lower at 2.6274%.


Company: cnbc, Activity: cnbc, Date: 2019-06-06  Authors: matt clinch
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Trade war could wipe $455 billion off global GDP next year, IMF warns

U.S.-China tariffs, that have been both implemented and proposed, could cut global economic output by 0.5% in 2020, the International Monetary Fund (IMF) warned Wednesday. “There are growing concerns over the impact of the current trade tensions. The risk is that the most recent U.S.-China tariffs could further reduce investment, productivity, and growth. “Indeed, there is strong evidence that the United States, China, and the world economy are the losers from the current trade tensions,” she ad


U.S.-China tariffs, that have been both implemented and proposed, could cut global economic output by 0.5% in 2020, the International Monetary Fund (IMF) warned Wednesday. “There are growing concerns over the impact of the current trade tensions. The risk is that the most recent U.S.-China tariffs could further reduce investment, productivity, and growth. “Indeed, there is strong evidence that the United States, China, and the world economy are the losers from the current trade tensions,” she ad
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Trade war could wipe $455 billion off global GDP next year, IMF warns

U.S.-China tariffs, that have been both implemented and proposed, could cut global economic output by 0.5% in 2020, the International Monetary Fund (IMF) warned Wednesday.

Christine Lagarde, the IMF’s managing director, said in a briefing note for G-20 finance ministers and central bank governors that taxing all trade between the world’s two largest economies would cause some $455 billion in gross domestic product to evaporate. This would be a loss larger than South Africa’s economy, it said.

“There are growing concerns over the impact of the current trade tensions. The risk is that the most recent U.S.-China tariffs could further reduce investment, productivity, and growth. The just proposed U.S. tariffs on Mexico are also of concern,” Lagarde said in the blogpost.

“Indeed, there is strong evidence that the United States, China, and the world economy are the losers from the current trade tensions,” she added.

Lagarde on Wednesday called them “self-inflicted wounds” that must be avoided “by removing the recently implemented trade barriers and by avoiding further barriers in whatever form.”

In July last year, President Donald Trump indicated that he was willing to slap tariffs on every Chinese good imported to the U.S. should the need arise. “I’m ready to go to 500,” the president told CNBC’s Joe Kernen.


Company: cnbc, Activity: cnbc, Date: 2019-06-05  Authors: matt clinch
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