The IMF has issued a warning regarding the impact of Donald Trump's tariffs, reducing its growth forecasts for the US, UK, and globally. The predicted global GDP growth has been adjusted to 2.8% for this year, which is a 0.5% decrease from earlier projections. It attributes this sharp decline to increased tariffs and global uncertainty. Major economies, including the UK and the US, are likely to experience slower growth, with the US's forecast falling from 2.7% to 1.8%. Despite these challenges, the UK is still expected to be the fastest-growing G7 economy by 2025.
The IMF reported that Trump's tariffs led to a significant slowdown in global growth, cutting its forecast for global GDP growth to 2.8% this year.
Chancellor Rachel Reeves stated that although the UK is predicted to be the fastest-growing G7 economy in 2025, the IMF's report illustrates a major change in the global economic landscape.
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