Kristalina Georgieva: Trade Conflicts Disrupt the Global Economy (EXTENDED)

World | October 17, 2019, Thursday // 18:56|  views

International Monetary Fund Director Kristalina Georgieva commented on China-US trade mini-deal. She said a reconciliation between the two countries was not enough and that a trade peace was needed, BGNES reported.

"It's really good news that the US and China are talking to each other, but it's not enough.”

"What we need is to reach, not just truce, we need to have trade peace," so that trade can "return to its role of an engine of the world economy." Georgieva told reporters at the start of the International Monetary Fund's annual meeting. 

In connection with the China-US deal on Wednesday, US President Donald Trump said the deal I s being “prepared”. He recalled that China is engaging in greater purchases of American agricultural exports and made concessions because of economic pressure from Washington. "They want a deal. They have to make a deal. Their economy is hurt very badly by what we and the customs have done," Trump said.

Markets came to life on Friday when the deal was reached, which led to relief after a steady escalation in the US-China trade conflict. Last week, Trump welcomed a breakthrough on a "first phase" deal, which he said is significant and includes a spike in purchases of US agricultural products and also covers intellectual property, financial services and currencies.

However, comments from Beijing officials have raised skepticism about the significance of the agreement.

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Tags: Kristalina Georgieva, trade, conflicts, global economy, Donald Trump, US, China


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