Incoming ECB chief Christine Lagarde says Trump uncertainty is "hurting" the global economy
President Trump's unpredictability is "hurting" trade and his trade war with China is "going to give a big haircut" to the world economy, incoming European Central Bank President Christine Lagarde told CBS News' " 60 Minutes" Sunday.
"[T]he biggest key that President Trump has is in relation to predictability and, and certainty of the terms of trade. It's the unknown which is hurting, because you can't adjust to the unknown. So what do you do? You build buffers. You build savings. You wonder what comes next. That's not propitious to economic development. ... the United States is at risk of losing leadership."- Lagarde to CBS News' "60 Minutes"
The big picture: The IMF, which Lagarde previously led, said last week it expects the world economy to grow 3% this year - the weakest pace since the 2008 global financial crisis. The IMF pointed to the U.S.-China trade war as being the biggest factor. It forecast the dispute would cost 0.8% in global GDP losses this year.Go deeper: The ideal ECB president
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