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IMF and World Bank meetings in Washington left global finance leaders with more questions than answers on the economic impact of U.S. tariffs. Discussions on trade and debt concerns highlighted growing uncertainty, as markets worry about the broader economic fallout.
During the IMF and World Bank Spring Meetings in Washington, global finance leaders sought clarity on the economic impacts of President Trump's tariffs, but left with more questions than answers. Many officials tried to meet with U.S. Treasury Secretary Scott Bessent, but were told to be patient, as the Trump administration remained uncertain on its trade demands. Despite receiving 18 proposals and engaging in discussions, no deals were finalized.
Participants, including Polish Finance Minister Andrzej Domanski, warned that the tariffs, especially on vehicles, steel, and aluminum would harm global economies, but the U.S. remained confident it was a short-term pain for long-term gain. Meanwhile, trade talks with Japan and South Korea yielded little resolution, with future discussions likely addressing currency policies.
The IMF lowered growth forecasts for most countries but did not predict recessions. IMF Managing Director Kristalina Georgieva expressed hope that trade negotiations would reduce the uncertainty hurting global business. However, several officials privately raised concerns about rising debt and the risk of a new debt crisis.
The IMF and World Bank also faced criticism for their lack of focus on development issues, with many emerging markets struggling due to the slowdown in trade and foreign investment caused by tariffs. World Bank economist Indermit Gill highlighted rising debt in developing nations.
While the U.S. supported the IMF and World Bank, there were concerns about the institutions' expansion into non-economic areas like climate change and gender equality. U.S. officials, including Bessent, emphasized the importance of refocusing the organizations on economic stability.
The week ended with financial markets and policymakers worried about the broader economic consequences, including a decline in trust in U.S. economic leadership, particularly after the recent selloff in U.S. Treasury debt and dollar-based assets.
The U.S. economy faces a 40% risk of recession in the second half of 2025, JP Morgan analysts said on Wednesday, citing rising tariffs and stagflation concerns.
A magnitude 5.5 earthquake struck off Japan’s Tokara Islands on Wednesday, with no tsunami warning issued but residents advised to remain vigilant.
China has ramped up efforts to protect communities impacted by flood control measures, introducing stronger compensation policies and direct aid from the central government.
Severe rain in Venezuela has caused rivers to overflow and triggered landslides, sweeping away homes and collapsing a highway bridge, with five states affected and no casualties reported so far.
The European Commission is set to propose allowing carbon credits from other countries to count towards the EU’s 2040 climate target, according to a leaked internal document.
A multimodal cargo airport in Azerbaijan’s Alat Free Economic Zone (FEZ) is scheduled for commissioning in Q1 2027, the deputy head of the FEZ governing body Ismail Manafov announced.
Italy plans to grant approximately 500,000 work visas to non-EU nationals between 2026 and 2028, as announced in a cabinet statement. The initiative aims to address labor shortages by expanding legal immigration pathways
Oil prices plunged more than 12% last week, ending a three-week rally, with experts expecting them to stabilize around $60 if the fragile ceasefire between Israel and Iran holds.
The Asian Infrastructure Investment Bank (AIIB) and the Arab Fund have signed a memorandum of understanding (MoU) to formalize a strategic partnership focused on advancing sustainable infrastructure in shared priority regions.
Tesla’s new car registrations plunged sharply in June, dropping 64.4% in Sweden and 61.6% in Denmark compared to last year, highlighting growing challenges for the U.S. electric vehicle maker in these Nordic markets.
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