IMF denies dropping Ricardo Reis from chief economist role over Trump tariff remarks

Denial of political interference

The International Monetary Fund rejected reporting that it dropped Portuguese economist Ricardo Reis from consideration as chief economist due to his public criticism of US tariff policy. The response followed a report in the Financial Times, which cited three sources stating that the fund abandoned Reis's planned appointment at the last minute after reviewing his past commentary on measures introduced by US President Donald Trump. Speaking at a press conference on 10 September 2026, IMF Communications Director Julie Kozack dismissed the assertion that political vetting took place.

I want to be completely clear on this point: the IMF does not rule out a candidate because of their academic research, even if that research is critical of the policies implemented by one of our members.

Kozack added that the institution maintains an obligation to assess the economic programs of its member states critically.

Academic commentary on tariffs

Reis, a professor at the London School of Economics, had emerged as the leading contender to head the IMF research department. The controversy stems from public statements he made in early 2025 concerning US trade policy. In April 2025, following the announcement of the White House's Liberation Day tariffs, Reis noted on social media that US consumers would bear much of the tariff burden and cited research on 2018–2020 China tariffs pointing to swift inflationary effects, referencing work by economist Jason Furman.

Reis expanded on his assessment in May 2025 during a podcast hosted by the Fundação Francisco Manuel dos Santos. During the recording, he warned that import duties would lift consumer prices in the United States while making domestic production more difficult, expensive, and inefficient. Sources close to the fund noted that the IMF's own published research reached similar conclusions, warning that US tariffs would increase inflation and constrain household budgets.

Selection of Tenreyro and timeline

The IMF had prepared to formalize Reis's appointment in early summer 2026 before halting the process. In July 2026, the fund selected British economist Silvana Tenreyro, a fellow professor at the London School of Economics and former member of the Bank of England's Monetary Policy Committee. Tenreyro officially took office as chief economist and economic counsellor in August 2026.

Sources cited by the Financial Times indicated that Tenreyro has also argued that tariffs damage economic growth, though her public remarks were less vocal than the statements made by Reis.

Institutional pressures and US influence

Although IMF Managing Director Kristalina Georgieva formally controls senior personnel selections, the United States holds substantial informal leverage as the institution's largest shareholder. The leadership decision follows policy adjustments under Georgieva, who scaled back fund initiatives on climate change and gender after US Treasury Secretary Scott Bessent urged the organisation to focus on its core responsibilities.

The dispute occurs alongside wider scrutiny of economists analysing government policy. In 2025, Trump asked Goldman Sachs chief executive David Solomon to remove chief economist Jan Hatzius after Hatzius warned about the negative economic fallout of tariffs. Earlier in 2026, White House economic adviser Kevin Hassett publicly criticised economists at the Federal Reserve Bank of New York.