Over the past two decades, the world economy has staggered from one shock to another: the financial crisis; Donald Trump’s first-term trade war on China; the pandemic; post-pandemic inflation; Russia’s invasion of Ukraine;

President Donald Trump’s tariffs have caused a “major negative shock” to growth in the global financial system, the International Monetary Fund (IMF) has warned. U.S. tariffs and “countermeasures” brought by trading partners have brought “effective tariff rates to levels not seen in a century” causing a “negative impact on economic activity and the outlook,