US-China tariffs rollback has potential to improve growth outlook: IMF

An interim US-China trade deal that rolls back some tariffs has the potential to improve the International Monetary Fund's baseline economic forecasts, which show the two countries' trade war slowing global growth significantly this year, an IMF spokesman said on Thursday.

Gerry Rice, the IMF's chief spokesman, told a regular news briefing that the fund welcomes any development that reduces trade tensions between the world's two largest economies and rolls back tariffs, particularly if it's part of a durable agreement.

"We see it has holding potential to improve our baseline forecast," Rice said of an agreement to roll back tariffs. "But again we need to wait for the details."

 

China's commerce ministry said the countries have agreed to cancel tariffs in phases.