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Newsweek
30-07-2025
- Business
- Newsweek
IMF Upgrades Global Growth After Trump Backtracks
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. The International Monetary Fund (IMF) has upgraded its global growth forecasts for 2025, citing a weakened dollar, financial resilience in the face of economic headwinds, as well as the White House rolling back many of the tariffs threatened earlier in the year. On Tuesday, the global financial institution released its updated World Economic Outlook, which predicts global growth of 3 percent in 2025 and 3.1 percent in 2026. This is up from 2.8 and 3 percent, respectively, in its April report. Why It Matters Since assuming office in January, President Donald Trump's intermittent threats of high tariffs, and the sweeping announcement of reciprocal duties in early April, have rattled global markets and raised concerns over the prospect of a major economic downturn both in the U.S. and worldwide. What To Know The IMF gave several reasons for upgrading the global economic outlook. These included a "considerably" weakened dollar, which it said "provided some monetary policy space for emerging market and developing economies. IMF chief economist Pierre-Olivier Gourinchas also cited actions by certain governments to increase growth, as well as a "strong surge" in exports to the U.S. as businesses attempted to front-load due to concerns about tariffs coming into effect. The IMF also noted the multiple pauses that have been placed on tariffs since the April report, including the two delays to Trump's reciprocal tariffs, due to end this week, and the May agreement between China and the U.S. which lowers rates until August 12. Pierre-Olivier Gourinchas, International Monetary Fund (IMF) economic counselor and director of research, speaks during the IMF/World Bank Group Spring Meetings at the organization's headquarters in Washington, D.C. on April 23, 2025. Pierre-Olivier Gourinchas, International Monetary Fund (IMF) economic counselor and director of research, speaks during the IMF/World Bank Group Spring Meetings at the organization's headquarters in Washington, D.C. on April 23, 2025. Oliver Contreras/AFP via Getty Images "Following an unprecedented escalation in tariffs imposed on the rest of the world in April, the United States partly reversed course, pausing the higher tariffs for most of its trading partners," Gourinchas said in remarks delivered Tuesday. These have brought the effective U.S. tariff rate underlying the new projections to 17.3 percent, compared to 24.4 percent in April. Most countries in the IMF's projections have received a modest growth upgrade compared to the April report. This includes the U.S., which saw 0.1-percent bump for this year, and China, with an upward revision of 0.8 percent. "Despite these welcome developments, tariffs remain historically high, and global policy remains highly uncertain, with only a few countries having reached fully-fleshed out trade agreements," Gourinchas said, adding that the resilience of global markets to tariffs "is welcome, but it is also tenuous." The global growth forecasts of 3 percent for 2025 and 3.1 percent for 2026 still sit below the 3.3 percent projected for both years in January, before Trump returned to office. What People Are Saying Pierre-Olivier Gourinchas, economic counselor and director of the IMF Research Department, said: "While the trade shock could turn out to be less severe than initially feared, it is still sizable, and evidence is mounting that it is hurting the global economy." "Without comprehensive agreements, the ongoing trade uncertainty could increasingly weigh on investment and activity," he added. "Further, while exports front-loading has supported global activity so far, firms could become vulnerable if the demand for stockpiled goods does not materialize." Former Commerce Secretary Wilbur Ross described tariff reversals by the administration as "really just part of the normal give and take in the trade negotiations." "The very fact that [Trump] put these up for negotiation means that there was some flexibility in the original proposal," Ross told Newsweek earlier this month. What Happens Next? The U.S. has so far secured a handful of trade deals, including with Indonesia, Japan and, most recently, the European Union. For the remaining countries that were handed reciprocal tariffs on April 2, the White House has set a deadline of August 1 before these will resume alongside some new, higher duties on Canada and Mexico. Meanwhile, the 90-day tariff truce between the U.S. and China agreed in May is set to end on August 12. Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer said this week that negotiations were going well, and floated the possibility of a further extension. Newsweek contacted the White House outside of regular hours via email for comment.
Economic Times
29-07-2025
- Business
- Economic Times
Pakistan's finance minister heads to US to finalise trade deal
Reuters FILE PHOTO: Pakistan Finance Minister Muhammad Aurangzeb participates in a panel titled 'Navigating an Uncertain World' during the 2025 annual IMF/World Bank Spring Meetings in Washington, D.C., U.S., April 25, 2025. Pakistan's Finance Minister Muhammad Aurangzeb has left for his second visit to the United States in two weeks to finalise a trade deal with Washington, his office said late on Monday. The trip comes after Foreign Minister Ishaq Dar said on Friday that the U.S. and Pakistan were "very close" to a trade deal that could come within days, but comments from the U.S. after Dar met with Secretary of State Marco Rubio mentioned no timeline. "A final discussion on the Pakistan-U.S. trade dialogue will take place during the visit," Pakistan's Finance Ministry said in a statement, adding that a trade agreement will benefit both countries. Aurangzeb said he held "productive trade talks" in meetings with U.S. Commerce Secretary Howard Lutnick and U.S. Trade Representative Ambassador Jamieson Greer during his previous visit on July 18. The negotiations, focused on reciprocal tariffs, are part of a broader push to reset economic ties at a time of shifting geopolitical alignments and Islamabad's efforts to avoid steep U.S. duties on exports. Pakistan faces a 29% tariff on exports to the U.S. under President Donald Trump's measures to target countries with large trade surpluses with Washington. Pakistan's surplus was around $3 billion in 2024. To offset the imbalance and ease tariff pressures, Islamabad has offered to import more U.S. goods, including crude oil, and to open up investment opportunities through concessions for U.S. firms in Pakistan's mining sector. U.S.-Pakistan relations enjoyed a major boost when Trump hosted Pakistan's army chief Field Marshal Asim Munir at the White House last month for an unprecedented meeting. Pakistan aims to expand bilateral trade relations into both traditional and non-traditional sectors, the finance ministry said. There is significant potential for partnerships in key sectors such as information technology, minerals, and agriculture, it added.
Economic Times
22-07-2025
- Business
- Economic Times
Gita Gopinath, IMF's First Deputy Managing Director, to step down in August
Synopsis Gita Gopinath, the IMF's First Deputy Managing Director, is set to depart from her position at the end of August, as announced by the International Monetary Fund. She will be returning to Harvard University. Kristalina Georgieva, the IMF Managing Director, will announce Gopinath's successor in the near future. Reuters First Deputy Managing Director of the International Monetary Fund (IMF) Gita Gopinath participates in a seminar during the 2025 annual IMF/World Bank Spring Meetings in Washington, D.C., U.S., April 25, 2025. Gita Gopinath, the No. 2 official at the International Monetary Fund, will leave her post at the end of August to return to Harvard University, the IMF said in a statement on Monday. IMF Managing Director Kristalina Georgieva will name a successor to Gopinath in "due course," the IMF said. Gopinath joined the fund in 2019 as chief economist - the first woman to serve in that role - and was promoted to the role of first deputy managing director in January 2022.
The Star
18-07-2025
- Business
- The Star
Pakistan says it held productive trade talks in Washington
FILE PHOTO: Pakistan Finance Minister Muhammad Aurangzeb participates in a panel titled 'Navigating an Uncertain World' during the 2025 annual IMF/World Bank Spring Meetings in Washington, D.C., U.S., April 25, 2025. REUTERS/Elizabeth Frantz/File Photo ISLAMABAD (Reuters) -Pakistan said it held productive trade talks with the U.S. in Washington on Friday to advance economic cooperation, according to a statement from the South Asian country's finance ministry. Finance Minister Muhammad Aurangzeb met U.S. Commerce Secretary Howard Lutnick and U.S. Trade Representative Ambassador Jamieson Greer, the statement said. "Both sides expressed satisfaction with the progress in enhancing trade and economic ties, a cornerstone of Pakistan-U.S. bilateral relations," the statement added. It said Aurangzeb emphasized that the U.S. remained Pakistan's largest trading partner. Both sides expressed optimism that ongoing trade talks would yield positive outcomes, benefiting the economies of both countries, the finance ministry said. Pakistan was optimistic that the trade talks would conclude in a week's time after a virtual meeting between Aurangzeb and Lutnick late last month. The negotiations, focused on reciprocal tariffs, are part of a broader push to reset economic ties at a time of shifting geopolitical alignments and Pakistan's efforts to avoid steep U.S. duties on exports. Pakistan faces a 29% tariff on exports to the U.S. under President Donald Trump's measures to target countries with large trade surpluses with the U.S. Pakistan's surplus was around $3 billion in 2024. To offset the imbalance and ease tariff pressures, Islamabad has offered to import more U.S. goods, including crude oil, and to open up investment opportunities through concessions for U.S. firms in Pakistan's mining sector. U.S.-Pakistan relations saw a major boost when Trump hosted Pakistan's army chief Field Marshal Asim Munir at the White House last month in an unprecedented meeting. (Reporting by Asif Shahzad; Editing by Andrew Heavens and Nia Williams)
Straits Times
18-07-2025
- Business
- Straits Times
Pakistan says it held productive trade talks in Washington
Find out what's new on ST website and app. FILE PHOTO: Pakistan Finance Minister Muhammad Aurangzeb participates in a panel titled 'Navigating an Uncertain World' during the 2025 annual IMF/World Bank Spring Meetings in Washington, D.C., U.S., April 25, 2025. REUTERS/Elizabeth Frantz/File Photo ISLAMABAD - Pakistan said it held productive trade talks with the U.S. in Washington on Friday to advance economic cooperation, according to a statement from the South Asian country's finance ministry. Finance Minister Muhammad Aurangzeb met U.S. Commerce Secretary Howard Lutnick and U.S. Trade Representative Ambassador Jamieson Greer, the statement said. "Both sides expressed satisfaction with the progress in enhancing trade and economic ties, a cornerstone of Pakistan-U.S. bilateral relations," the statement added. It said Aurangzeb emphasized that the U.S. remained Pakistan's largest trading partner. Both sides expressed optimism that ongoing trade talks would yield positive outcomes, benefiting the economies of both countries, the finance ministry said. Pakistan was optimistic that the trade talks would conclude in a week's time after a virtual meeting between Aurangzeb and Lutnick late last month. The negotiations, focused on reciprocal tariffs, are part of a broader push to reset economic ties at a time of shifting geopolitical alignments and Pakistan's efforts to avoid steep U.S. duties on exports. Top stories Swipe. Select. Stay informed. Singapore Critical infrastructure in S'pore under attack by cyber espionage group: Shanmugam Singapore What is UNC3886, the group that attacked Singapore's critical information infrastructure? Singapore Alleged Kpod peddler filmed trying to flee raid in Bishan charged with 6 offences Asia Indonesia court jails former trade minister for 4½ years in sugar graft case Singapore Singapore police in contact with Indonesian authorities over baby trafficking allegations Singapore NTU upholds zero grade for student accused of using AI in essay; panel found 14 false citations or data Singapore 7-year-old girl, cabby taken to hospital after vehicle pile-up in City Hall area Singapore Former NUH male nurse charged after he allegedly molested man at hospital Pakistan faces a 29% tariff on exports to the U.S. under President Donald Trump's measures to target countries with large trade surpluses with the U.S. Pakistan's surplus was around $3 billion in 2024. To offset the imbalance and ease tariff pressures, Islamabad has offered to import more U.S. goods, including crude oil, and to open up investment opportunities through concessions for U.S. firms in Pakistan's mining sector. U.S.-Pakistan relations saw a major boost when Trump hosted Pakistan's army chief Field Marshal Asim Munir at the White House last month in an unprecedented meeting. REUTERS
