Kathmandu. Developing countries should reach a trade deal with the United States as soon as possible, the World Bank president said.
Ajay Banga was interviewed by AFP ahead of the World Bank and International Monetary Fund spring meetings, held amid uncertainty following President Donald Trump’s decision to temporarily suspend the implementation of tariffs this year.
“The bank is advising developing countries to reach a deal with the United States quickly and then focus on reducing trade barriers and increasing regional flows of goods,” Banga said. “We need to negotiate a trade regime with the United States as soon as possible. If it is delayed, it will hurt everyone.” Trump’s tariffs have rattled financial markets, increased volatility, and spooked investors and consumers.
Since taking office in January, US President Trump has imposed a “base” 10% tariff on most countries. The US has imposed much higher tariffs on China. The US has imposed a 25% tariff on sectors including steel, aluminium and vehicles not made in the United States. President Trump has imposed much higher tariffs on dozens of countries, accusing them of unfair trade balances with the US.
Most of those decisions have been temporarily put on hold. “The bank’s executive board is set to discuss its energy strategy in June. Financing for both nuclear and gas is likely to be on the agenda,” Banga said. “In addition to seeking employment opportunities in developed economies, the bank is also focusing on encouraging large-scale private sector job creation in developing countries,” Banga said.
This is helping people to identify and address challenges in developing (advanced) economies.
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