IMF Meeting Signals Descent into Global Trade War
NOVANEWS
By Nick Beams
World Socialist Web Site
In another step toward world-wide trade war, the International Monetary Fund over the weekend became the second major global economic organisation to back away from a commitment to “resist all forms of protectionism.”
In the wake of the decision at last month’s meeting of the G20 finance ministers to drop the phrase from its communiqué, the IMF adopted the same course at its spring meeting in Washington. In both cases, the “free trade” commitment was removed as a result of pressure from the Trump administration, in line with the White House’s “America First” agenda.
The statement issued by the IMF’s International Monetary and Financial Committee (IMFC) said it sought to “promote a level playing field in international trade,” dro...