CEBU — “Tit-for-tat” retaliatory tariffs could hurt the growth outlook for the Asia-Pacific region, the International Monetary Fund (IMF) said.
“In a region like Asia, which has benefited a lot from globalization, from greater integration with the rest of the world, any kind of tariff or trade restrictions will have an impact,” Krishna Srinivasan, director of the IMF’s Asia and Pacific Department, said at the Bangko Sentral ng Pilipinas (BSP)-IMF Systemic Risk Dialogue here on Tuesday.
“Our analysis shows that over the long run, everybody hurts because the size of the pie becomes that much smaller. So, every country, including the Philippines, will hurt in the long run.”
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