With President Donald Trump’s recent threats of massive tariffs and his willingness to start a global trade war, the globalists are in panic mode. They are seeing the ‘free trade’ status quo unwind, and they are not happy about it.
“That system of rules and shared responsibility is now in danger of being torn apart,” International Monetary Fund (IMF) Managing Director Christine Lagarde said. “This would be an inexcusable, collective policy failure.”
The IMF has promoted globalism and so-called “free trade” for decades. What has resulted is the skyrocketing of global debt throughout the world and multinational corporations have grown more powerful with their reach more expansive than ever. Workers do not necessarily agree, as they have lost high-paying jobs and have had to settle for less in many cases.
“Governments need to steer clear of protectionism in all its forms,” Lagarde said. “History shows that import restrictions hurt everyone, especially poorer consumers.”
Despite her fear of Trump’s tariffs, Lagarde feels that global growth is strong and will continue to grow as long as the ‘free trade’ status quo as promoted by the IMF continues unabated.
“There is new urgency because uncertainties have significantly increased — from trade tensions, to rising fiscal and financial risks, to more uncertain geopolitics,” she said.
The 2018 Annual Spring Meetings of the IMF and World Bank Group will take place from Apr. 20-22 in Washington, D.C. At that event, the bankers will plot ways to push back against Trump and his nationalist agenda. With trade being at the core of Trump’s agenda, it is not likely their plotting will make him budge. The President also sees progress being made with his America first approach regarding trade.
Very thankful for President Xi of China’s kind words on tariffs and automobile barriers…also, his enlightenment on intellectual property and technology transfers. We will make great progress together!
— Donald J. Trump (@realDonaldTrump) April 10, 2018