The head of the International Monetary Fund urged countries to move "swiftly'' to resolve trade disputes that threaten global economic growth.

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."

Key Takeaways The International Monetary Fund slashed its U.S. growth forecast from its projection earlier in the year, and also lowered its outlook for global growth, as tariffs take a toll on economic activity.

Treasury Secretary Scott Bessent has played a balancing act trying to reassure nervous investors that the U.S. would maintain its global leadership role while staying true to the Trump administration’s skepticism of multilateral banking organizations.

The IMF and World Bank serve critical roles in the international system,” Bessent said in prepared remarks. “And the Trump Administration is eager to work with them — so

U.S. Treasury Secretary Scott Bessent on Wednesday called on the International Monetary Fund and World Bank to refocus on their core missions of macroeconomic stability and development, arguing that they have strayed too far into vanity projects such as climate change that have reduced their effectiveness.