Global economic leaders convene for the spring meetings of the IMF and World Bank in a landscape drastically altered by events since last fall. Key issues now include President Trump's trade war, fears of revived inflation, and risks of a global recession. The multilateral institutions face pressure to remain relevant amid the Trump administration's skepticism towards them. The U.S. has increased tariffs and cut foreign aid, raising concerns about global economic stability, especially for poorer nations reliant on American support for essential needs.
The post-World War II rules-based system of global governance, which the United States played a key role in fashioning, is crumbling before our eyes, said Eswar Prasad, a former China director of the I.M.F.
Mr. Trump has ratcheted up tariffs to their highest levels in more than a century, creating widespread global economic uncertainty and most likely disrupting supply chains.
The multilateral institutions that are hosting the meetings and that receive funding from the United States are also under increasing pressure to prove their relevance to the Trump administration.
A sharp pullback in U.S. foreign aid is putting sudden pressure on poor countries that have for decades relied on American support to provide food and medicines for the world's most vulnerable populations.
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