IMF says Trump administration's tariffs undermine global trading system

Rising import tariffs and other steps taken by Washington are "undermining the global trading system," increasing restrictions on trade in goods and services, and catalyzing a cycle of retaliatory trade responses, the International Monetary Fund (IMF) said on Thursday.

"Tariff measures are likely to be ineffective at containing bilateral trade deficits and will be damaging to the U.S. and to global macroeconomic outturns," the IMF said in a statement after concluding its annual Article IV consultation to review the U.S. economy.