IMF chief downplays impact of Trump trade war: "Trade is like water"

IMF Managing Director Kristalina Georgieva downplayed the impact of President Trump’s trade war while speaking at the Fortune MPW Summit.

Transcript

00:00Clearly, this thing that trade is dead is completely overstated.

00:05Trade is like water.

00:07You put obstacle, it goes around it.

00:10What we are seeing, and this has been like this for thousands of years,

00:15when we came to assess where is the world economy these days,

00:18we look at what is happening with trade.

00:21And actually, the impact of trade tensions is more muted for three reasons.

00:26One, because the tariffs that were announced in the United States in April

00:33that shocked the world, at that time, 23%.

00:37Now, nominally, they are still high, 17.5%, but less.

00:43And when you look at collection, how much is collected, it is more around 10%.

00:47Still much more than the under 3% before,

00:51but not as dramatic impact as initially we anticipated.

00:56This will be exact.

00:57And then, it willnat varit less when we can see the dict worries of the amount of trade.

01:01So all the Trumps will come in.

01:02In this case, this will be what we have placed on our side of the industry.

01:06This won't go to the top of the nears in the bit.

01:08We actually need to go back to the news.

01:09It has been the greatest Nigel B.

01:11And that's been a very good to fill out our days in terms of what is the national Obrigatoonis,

01:16business, business, business, business, business, business, business letting business, and business.

01:22This According to Humанизации International Monutos and Mobility Fire fazer.