Higher inflation and lower growth. That's the outlook from the IMF's sobering World Economic Outlook for 2025. The report forecasts half a percentage point lower global growth for 2025, compared to January estimates, before Donald Trump returned to the White House. This is the clearest indication to date of the damage his tariff gambit is having on the global economy. In response to reports of the U.S. using tariff relief to coerce countries into distancing themselves from China, the Ministry of Commerce has warned that China will take resolute countermeasures against countries that choose to do so. How to reverse the damage to the global economy before it's too late? Who should make the first move to de-escalate the tariff standoff between the world's two largest economies?

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