This kind of is usually what a trade war looks like

Escalating trade tensions are posing an increasing threat to the global economy, the head of the International Monetary Fund has warned.

“The clouds on the horizon … are getting darker by the day,” IMF Managing Director Christine Lagarde said at a news conference in Berlin on Monday.

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“The biggest along with darkest cloud which we see is usually the deterioration in confidence which is usually prompted by [the] attempt to challenge the way in which trade has been conducted, in which relationships have been handled along with the way in which multilateral organizations have been operating” she said.

Related: Storm clouds are gathering over the global economy

Her comments follow the acrimonious end to the G7 summit in Quebec This kind of weekend in which President Donald Trump attacked Canadian Prime Minister Justin Trudeau over trade.

Tensions were already rising between the United States along with key allies ahead of the G7 summit after the Trump administration slapped steel along with aluminum tariffs on Canada, Mexico along with the European Union from the name of national security.

All three trading partners have announced retaliatory measures.

The United States is usually also locked in a tense trade dispute with China, the entire world’s second largest economy.

The Trump administration is usually supposed to announce by the end of This kind of week a list of Chinese goods worth around $50 billion on which the item will impose steep brand-new tariffs in response to alleged Chinese theft of American intellectual property. The tariffs will go into effect shortly afterward, the item said.

Related: Mexico imposes tariffs on $3 billion worth of US exports

The move has thrown into doubt the outcome of trade talks with China, which previously threatened to retaliate with tariffs on a similar amount of US goods, including cars, planes along with soybeans.

Speaking alongside Lagarde at the news conference Monday, World Trade Organization Director-General Roberto Azevêdo said the rising tensions in global trade “risk a major economic impact, undermining the strongest sustainable period of trade growth since the financial crisis.”

sy88pgw (Hong Kong) First published June 12, 2018: 12:15 AM ET