IMF warns Asia retaliatory tariffs could undermine growth

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CEBU, Philippines : The International Monetary Fund (IMF) warned on Tuesday that "tit-for-tat" tariffs could undermine Asia's economic prospects, raise costs and disrupt supply chains even as it expects the region to remain a key engine of growth for the global economy".

President-elect Donald Trump's plan to impose a 60 per cent tariff on Chinese goods and at least a 10 per cent levy on all other imports.

In October, the European Union also decided to increase tariffs on Chinese-built electric vehicles to as much as 45.3 per cent, prompting retaliation from Beijing.

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Article Details

Category: EconomyBusiness

Markets: SingaporePhilippinesUnited States

Topics: Tariffs Asia Fund Monetary Growth International Cent File Economic Global Srinivasan

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-11-19 @ 13:29:21 (4 hours ago)

News Timezone: GMT +8:00

News Source URL: channelnewsasia.com

Language: English

Article Length: 365 words

Reading Time: 3 minutes read

Sentences: 15 lines

Sentence Length: 25 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Channel News Asia

News ID: 23690022

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Main Topics: EconomyBusiness

Official Website: channelnewsasia.com

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News Last Updated: 2 hours ago

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