US President Donald Trump is desperate to reduce his country’s trade deficit with China, but according to the International Monetary Fund, the punitive tariffs he has launched on Beijing will not work. In a new report released on Wednesday, the International Monetary Fund (IMF) said that countries looking to reset trade imbalances should address their own macroeconomic issues instead of launching barriers to trade. “Attempts to target one bilateral trade balance through tariffs or other distortions is likely to be met with offsetting changes in the trade balances with other partners,” the IMF report said. In what ... (full story)