On a global basis, growth was lowered from 3.3% to 2.8% for the whole of 2025, with the IMF saying that tariffs were "a major negative shock to growth."

The International Monetary Fund on Tuesday slashed its growth forecasts for the United States, China and most countries, citing the impact of U.S. tariffs now at 100-year highs and warning that rising trade tensions would further slow growth.