Though covered by a thin veneer of nuanced “econospeak”, the message of the International Monetary Fund (IMF) could not be clearer: Donald Trump is bad for the world economy and will make America poorer, not wealthier – now, tomorrow and far into the future.
The assessment of the IMF’s economists – who are listened to intently by investors, even if not President Trump – is damning. The downgrade in the growth forecasts for the United States this year alone amounts to almost 1 per cent of GDP – a loss of some $200bn, of which about half is a direct result of the tariffs announced on and after the ironically named “Liberation Day” on 2 April. Mr Trump was at least wise to postpone his foolish initiative by one day.
