WB, IMF Sees 'Clear' Economic Slowdown If Trade War Escalates

World Bank President Jim Yong Kim said that he is very concerned about the trade tensions between China and the United States and warned of a clear hit to global growth if all countries escalated their tariff threats.

Kim made the comments at a news conference during the annual meetings of the International Monetary Fund and World Bank in Indonesian resort island of Bali.

Kim emphasized the importance of increasing the openness of trade cooperation as a way to help low income nations.

Kim also said more study is needed to understand the effects of trade war on countries that supply goods and services to China.