IMF warns of implications of US tariffs on aluminum and steel

The International Monetary Fund (IMF) warned on Friday that the imposition of duties on rolled steel and aluminum products announced by US President Donald Trump is likely to cause problems not only outside the United States, but also for the American economy.

IMF spokesman Jerry Rice made a statement on this issue, in which he noted that the US economy - manufacturing and construction - has a strong demand for aluminum and steel. The Fund called on the United States and its trading partners to work constructively to reduce trade barriers and resolve trade conflicts without resorting to such emergency measures.

Trump announced on Thursday that he will impose tariffs on steel and aluminum next week. Steel imports should be taxed at 25% and aluminum at 10%, for reasons of national security. The IMF expressed concern that, in practice, the desire to justify broad restrictions on imports is based on national security considerations.

Trump's decision has been criticized by U.S. trading partners. Canada, Mexico, the European Union, Brazil and China have already announced "strong reactions" to US tariffs.

Experts warn against retaliation by US trading partners and a trade war. But Trump tweeted Friday: "When a country (US) loses millions of dollars in trade with almost every country he does business with, trade wars are good and easy to win."