The trade dispute between the United States and China has escalated over the past two years. However, as a study in the Bundesbank’s latest Monthly Report shows, neither US firms nor US consumers have benefited from the realignment of the country’s trade policy thus far.

“Over time, the IMF has repeatedly managed to emerge stronger from crises. However, the external circumstances have rarely been more challenging than they are today,” Federal Finance Minister Christian Lindner and Bundesbank President Joachim Nagel write in a guest article at Handelsblatt. “An IMF that focuses on its core mandate is best placed to strengthen the global economic and monetary system,” they explain in a contribution to mark the IMF’s 80th anniversary.