Global shock from Trump’s tariffs is about to be felt this week
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Three weeks after President Donald Trump’s opening shots of a worldwide trade war, the first hard numbers on the damage are arriving. On Tuesday, the International Monetary Fund is expected to cut its global growth outlook. “Our new growth projections will include notable markdowns, but not recession,” Managing Director Kristalina Georgieva said on Thursday. She added, “We will also see markups to the inflation forecasts for some countries. We will caution that protracted high uncertainty raises the risk of financial‑market stress.” The IMF announcement, delivered blocks from the White House, opens a week packed with reports that will test the impact of tariffs on global trade. Finance chiefs from the Group of 20 gather in Washington at the same time. Georgieva urged them to seek “a more resilient world economy, not a drift to division,” calling the talks “a vital forum for dialogue at a vital time.” United States and Canada The Federal Reserve’s Beige Book on Wednesday will offer ground‑level stories about how firms are coping with higher tariffs and redrawn supply lines. Earlier that day, officials are expected to show a small rise in March new‑home sales. Mortgage rates have hovered above 6.5 percent since October, so builders have been offering discounts and upgrades to coax buyers. Data on existing‑home resales follow on Thursday. In Canada, the election campaign enters its last week with Prime Minister Mark Carney’s Liberals about five points ahead, close to the majority line, even as U.S. trade tension weighs on factories in Ontario and Alberta. Asia‑Pacific China will set its loan prime rates on Monday; economists see no change after stronger first‑quarter growth. Indonesia will post March trade data showing conditions before the U.S. measures took effect, while the Philippines is likely to record another balance‑of‑payments surplus for the month. On Tuesday, New…
Filed under: News - @ April 19, 2025 10:14 pm