CANADA, Europe and Germany might be affected with the decision to be taken by the US on imported steel and aluminum, the International Monetary Fund(IMF) boss has warned.
Xinhua quoted Christine Legarde as saying that the economic impact of U.S. new tariffs on imported steel and aluminum would generate serious impact on global trade and economy.
"The macro-economic impact would be serious, not only if the United States took action, but especially if other countries were to retaliate, notably those who would be most affected, such as Canada, Europe, and Germany in particular," Lagarde said told Newsmen.
"If world trade were jeopardized by such measures (tariffs), they would become a vector for lower growth and a slowdown of commerce. The impact on growth would be a formidable," she said.
Earlier this month, U.S. President Donald Trump announced duties of 25 percent on steel and 10 percent on aluminum, a move that triggered global outcry and forced world powers to take counter-measures to reject what they said economic nationalism.
Noting that the White House had not thought enough about the risk of imposing new import duties, the former French Economy Minister warned of a possible trade-war.