The World Bank is concerned about the ongoing trade war between Washington and Beijing and it heeds to come up with ways to prepare its member countries for further deterioration of the situation, President of the World Bank Jim Yong Kim said during the annual meeting of the International Monetary Fund (IMF) and the World Bank in Indonesia.
NUSA DUA (Indonesia) (Pakistan Point news / Sputnik - 11th October, 2018) The World Bank is concerned about the ongoing trade war between Washington and Beijing and it heeds to come up with ways to prepare its member countries for further deterioration of the situation, President of the World Bank Jim Yong Kim said during the annual meeting of the International Monetary Fund (IMF) and the World Bank in Indonesia.
"We have to think hard about what they need to do now to prepare for worsening trade tensions. So yes, we are very concerned and we are working with every single one of our countries to prepare them in case it gets worse," Jim told reporters late on Wednesday, commenting on the escalating trade war between the United States and China.
Jim also said that the issue of trade was crucial for the World Bank because trade had played an extremely important role in lowering the extent of extreme poverty in developing countries.
"What the WTO would consider the limits of how serious the tariffs can be, then we would see a clear slowdown in the economy and the impact on developing countries would be greater," the president of the World Bank said.
The trade war between the world's largest economies escalated in June when US President Donald Trump announced that $50 billion worth of Chinese goods would be subject to 25 percent tariffs, with Beijing responding in kind. The latest round of the US tariffs came into effect in September, which deteriorated the situation even further.
