IMF to Trump: It's not working

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US policy moves are counterproductive, won't achieve the desired results, and will slow the global economy, IMF chief economist Gita Gopinath said.

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US tariffs on China won't fix the trade deficit, and neither will weakening the US dollar through interest rate cuts, International Monetary Fund economists said Wednesday.

"Higher bilateral tariffs are unlikely to reduce aggregate trade imbalances, as they mainly divert trade to other countries," Gopinath warned in a blog titled"Taming the Currency Hype," co-authored by fellow IMF researchers Gustavo Adler and Luis Cubeddu. The authors warned that"one should not put too much stock in the view that easing monetary policy can weaken a country's currency enough to bring a lasting improvement in its trade balance."

With the IMF and others alerting that his trade war is slowing global growth, and as warning signs of a US recession have flashed red, Trump has doubled down on his attacks on the Federal Reserve and on China. In yet another Twitter outburst on Wednesday, Trump said of Powell,"Big U.S. growth if he does the right thing, BIG CUT - but don't count on him! So far he has called it wrong, and only let us down."

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