IMF Chief Economist warns against unilateral trade measures
Pierre-Olivier Gourinchas, Chief Economist at the International Monetary Fund (IMF), has expressed concern over the gradual dismantling of the multilateral trading system. He highlighted that more countries are increasingly imposing unilateral tariffs or industrial policy measures that often do not comply with World Trade Organization (WTO) rules. “Our imperfect trading system could be improved, but this surge in unilateral measures isn’t likely to deliver lasting and shared global prosperity,” Gourinchas said. He warned that such actions will distort trade and resource allocation, spur retaliation, weaken growth, lower living standards, and complicate the coordination of policies addressing global challenges like climate...
