The International Monetary Fund backed out at the last minute from appointing Ricardo Reis as chief economist, after learning of the Portuguese academic's criticism of Donald Trump's tariff policy. The IMF was preparing to announce the appointment of the London School of Economics professor at the beginning of summer.
Ricardo Reis had warned, following the announcement of the "Liberation Day" tariffs in April, that the measures would pressure consumer prices in the United States and trigger a new wave of inflation. In a subsequent intervention, he reiterated that the tariffs would drive up prices and make North American production "more difficult, more expensive, and more inefficient."
In July, the IMF ultimately appointed Silvana Tenreyro, a former official at the Bank of England and also a professor at the LSE, to the position. The choice fell on an economist who, like Reis, believes that tariffs harm economic growth, although, according to sources cited by the Financial Times, she had been less vocal in her criticism of the Trump administration.
The IMF declined to comment on the selection process, citing the confidentiality of candidates. Ricardo Reis also declined to comment on the news.
