IMF chief calls on US, China to resolve trade tensions through dialogue

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Christine Lagarde, managing director of the International Monetary Fund (IMF), called on the United States and China to resolve trade tensions through dialogue and rules-based multilateral institutions.

At a press conference after concluding a meeting of the International Monetary and Financial Committee (IMFC) on Saturday, Lagarde said that the United States and China should work on the basis of free trade and within the framework of the rules-based multilateral institutions.

"I would borrow from Winston Churchill: better chat chat than war war, or something along those lines. So certainly continuing this dialogue and doing it in a peaceful, discreet manner," Lagarde said, when asked for advice for the US and Chinese governments to address trade tensions.

Lagarde's advice came as US Treasury Secretary Steven Mnuchin said Saturday that he was considering a trip to Beijing to discuss trade issues with his Chinese counterparts.

"I am not going to make any comment on the timing, nor do I have anything confirmed, but a trip is under consideration," Mnuchin told reporters.

The Trump administration has recently threatened to impose tariffs of up to 150 billion US dollars on Chinese imports, while China has vowed to retaliate against US exports if the US moves forward with the tariffs.

Unilateralism and trade protectionism will inevitably harm others without benefiting oneself as the global economy is deeply integrated, China's Foreign Ministry spokesperson Hua Chunying said Thursday.

Citing a report from the Brookings Institution, Hua said a US-China trade war would result in a loss of more than 2.1 million jobs in 2,700 US counties.

Source(s): Xinhua News Agency