But the IMF said in a communique that while global growth currently remained “steady”, the risks are “increasingly skewed to the downside amid heightened trade tensions and ongoing geopolitical concerns”. On Tuesday, it cut its outlook for global GDP growth by 0.2 percentage points to 3.7 percent for 2018 and 2019, citing the trade war. US President Donald Trump has accused Beijing of depreciating its currency to absorb the impact of US trade tariffs. “Trade conflict would be bad for all economies, not just the US and China,” Japanese central bank governor Haruhiko Kuroda said. The IMF statement said it would push to improve the World Trade Organisation and boost confidence in the global trading system.

Source: The Guardian October 13, 2018 09:58 UTC