International Monetary Fund Managing Director Kristalina Georgieva issued a stark warning on Thursday, cautioning that the latest tariff measures announced by US President Donald Trump could deepen economic uncertainty and threaten global growth.
"We are still assessing the macroeconomic implications of the announced tariff measures, but they clearly represent a significant risk to the global outlook at a time of sluggish growth," Georgieva said in a statement. She called on the United States and its trade partners to work constructively to resolve rising trade tensions and reduce uncertainty in an already fragile economic environment.
On Wednesday, President Trump announced a new set of reciprocal tariffs ranging from 10% to 50% on imports from several trade partners. Under the new measures, the US will impose a 20% tariff on European Union goods, 34% on Chinese imports, 46% on Vietnamese products, 32% on Taiwanese exports, 24% on Japanese goods, 26% on Indian products, 25% on South Korean exports, 36% on Thai goods, 31% on Swiss products, 32% on Indonesian imports, 24% on Malaysian goods, 49% on Cambodian products, 30% on exports from South Africa and Bangladesh, and 17% on Israeli goods.
The IMF’s warning comes amid growing global concerns that heightened trade barriers could disrupt international trade flows, dampen investor confidence, and potentially trigger a broader economic slowdown. Georgieva added that the IMF is in the process of analyzing the broader effects of these measures and that the results will be detailed in the upcoming World Economic Outlook report, scheduled for release during the IMF/World Bank Spring Meetings later this month.
As global markets brace for further volatility, economists and policymakers alike stress the need for collaborative efforts to mitigate the risks posed by the escalating trade tensions.
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Israeli military bulldozers have begun demolishing buildings in the West Bank city of Hebron on Friday, 23 October, following armed clashes with Palestinians that left two Israeli soldiers dead, according to the Israeli military.
Saudi Aramco has ordered staff to evacuate its headquarters amid escalating Houthi attacks on the kingdom. Two people were killed in an attack on Dammam airport, while Iran's IRGC Navy claimed strikes on seven vessels and warned the U.S. of a wider response.
Russian strikes on Ukraine overnight killed at least two people and injured 15 others, including two children, Ukrainian authorities said. Meanwhile, Russia said it had intercepted the vast majority of 630 Ukrainian drones launched towards Moscow.
A powerful magnitude 7 earthquake has struck Tibet in southwestern China, killing 16 people and injuring 65, while forcing more than 12,000 residents to relocate as rescue teams respond to widespread aftershocks.
Missile and drone attacks have put Saudi Arabia on high alert, disrupting life in Riyadh and testing a new defence pact with Türkiye and Pakistan as regional tensions escalate.
Around 11,000 people joined a demonstration in Orléans on Saturday against the National Rally congress, according to the local prefecture.
German police have detained a suspect after a major fire broke out at the historic Kehlsteinhaus, known as the “Eagle’s Nest”, a mountain retreat once used by senior Nazi officials, including Adolf Hitler.
Typhoon Champi swept past Taiwan on Saturday, leaving one person dead and more than 500 injured as strong winds and torrential rain brought down trees, cut power and disrupted transport across the island.
Canadian Prime Minister Mark Carney on Friday dismissed accusations that Canada planned to interfere in next month’s U.S. midterm elections, saying he was disappointed by comments from the American ambassador.
Kenya has recorded a second death from Ebola, the health ministry said late on Friday, as the outbreak that began in the Democratic Republic of Congo continues to spread across Africa.
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