The managing director said the parameters that the IMF takes into consideration when assessing the trade tensions' impact on global growth include the direct impact on countries affected, the market impact, as well as the impact on business confidence, "which clearly has a bearing on investment and future decisions of economic actors."

The administration of U.S. President Donald Trump believes that its tariff measures against U.S. trading partners are the remedy for the country's trade deficit. In that regard, Lagarde reminded the audience to heed the phenomenon that global trade imbalances have shrunk as the world recovers from the 2008 financial crisis.

The current account deficits in emerging economies, Lagarde said, have "shifted to being almost balanced." She singled out China in particular, saying the country's trade surplus has now fallen to "a very minimal" level.

"But imbalances have not disappeared," Lagarde said. "They shifted from being within the emerging market economies, predominantly, to being within the advanced economies."

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