Christine Lagarde has warned that the US-China trade war could deliver a “shock” to already struggling emerging markets, raising the prospect that a crisis ripping through Argentina and Turkey could reverberate throughout the developing world.
The IMF managing director told the Financial Times her staff does not yet see “contagion” spreading to multiple countries beyond those currently fighting investor flight.
But she warned “these things could change rapidly” and cited the “uncertainty [and] lack of confidence already produced by the threats against trade, even before it materialises”, as a key danger facing developing markets.
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