Christine Lagarde: Trump’s China Tariffs Will Cause 0.8% Less Growth in Two Years

RUSH EXCERPT:

LAGARDE: “You know I used to be trade minister for my country back in 2005 and I know how difficult those negotiations can be and how long it takes to cut a deal. So I- I wish the ambassador the best of luck in reaching completion of something which will not be ultimately a final trade arrangement- agreement, whatever we call it. I hope they can establish the parameters, the framework, the timeline, the- the steps along the way because that’s what it takes. But it takes both parties, U.S. and China, to be determined to reach closure on this. And it is vitally important because trade is a major engine for growth. Trade, if it is damaged, if it is threatened is going to affect growth. Less growth, less jobs, less investments, because people suddenly who are in the business of investing, who are in the business of creating jobs, will lose confidence, will be concerned as to what the rules of the road will be and they need that.”