Christine Lagarde, managing director of the International Monetary Fund, said a trade war would not only hurt the U.S. but also many other international players, according to CNBC.
President Donald Trump has faced criticism for his proposal to increase tariffs on steel and aluminum imports, which many experts say could start a trade war. President Trump tweeted March 2 that "trade wars are good and easy to win," but Ms. Lagarde voiced her opposition to that viewpoint March 6.
"The macroeconomic impact would be serious, not only if the U.S. took action, but especially if other countries were to retaliate, notably those who would be most affected, such as Canada, Europe and Germany in particular," Ms. Lagarde said, according to CNBC. "In a so-called trade war, driven by reciprocal increases of import tariffs, nobody wins, one generally finds losers on both sides."