“We are entering a new era as the global economic system that has operated for the last 80 years is being reset.” The phrase, uttered by Pierre-Olivier Gourinchas, chief economist of the International Monetary Fund (IMF), isn’t one you hear every day. The trade war declared by U.S. President Donald Trump against the entire world, with the highest tariffs in more than a century, represents a reversal of the post-World War II international economic order. For now, the uncertainty typical of cycle changes prevails, but one thing seems clear: Trump has slammed the brakes not only on the U.S. economy, but on the global economy as a whole.
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Trump slows down the world economy: The IMF lowers its global growth forecast
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