Washington, March 2: The International Monetary Fund warned today that the steel and aluminium tariffs announced by President Donald Trump will harm the US and global economies.
"The import restrictions announced by the US President are likely to cause damage not only outside the US, but also to the US economy itself," IMF spokesman Gerry Rice said in a statement.
He said the move raises fears other countries could use national security rationale "to justify broad-based import restrictions," and urged countries to work to resolve trade disagreements without such extremes.
US President Donald Trump has said he would impose a 25 per cent import tariff on steel and 10 per cent on aluminium. An executive order in this regard would be signed next week, Trump said after a meeting with executives of steel and aluminium companies on Thursday.
"It'll be for a long period of time...And you'll have protection for a long time in a while. You'll have to regrow your industries, that's all I'm asking," Trump said in the presence of a pool of reporters. Trump said the import tariff hike would create jobs in the US and benefit its industries.