IMF Warns Tit-for-Tat Trade War Is Self-Defeating

Outgoing IMF chief economist Pierre-Olivier Gourinchas has warned that escalating tit-for-tat trade warfare poses a serious threat to the global economy, calling attempts by countries to gain small competitive advantages through tariffs ultimately self-defeating. The warning lands as multiple major economies remain locked in trade disputes following tariff moves by the Trump administration. Gourinchas is departing the IMF as he delivers the caution.