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American Focus > Blog > World News > First Shockwaves Of Trump’s Tariffs Are About To Hit World Economy
World News

First Shockwaves Of Trump’s Tariffs Are About To Hit World Economy

Last updated: April 21, 2025 12:10 am
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First Shockwaves Of Trump’s Tariffs Are About To Hit World Economy
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Following US President Donald Trump’s initiation of a trade war with the global economy three weeks ago, new economic forecasts and surveys are set to reveal the initial repercussions. The International Monetary Fund, located just a few blocks from the White House, is expected to release updated projections on Tuesday, indicating a lowering of economic growth outlook. The day after, purchasing manager indexes from various countries, including Japan, Europe, and the US, will provide insight into the impact of Trump’s global tariffs which were partially implemented on April 2. Business surveys from major economies will also be released around the same time.

These assessments will offer finance ministers and central bankers gathered in Washington the opportunity to evaluate the effects of Trump’s attempt to reshape the global trade system. IMF Managing Director Kristalina Georgieva mentioned that the growth projections will be revised downwards, with potential inflation forecasts adjustments for certain countries. She also highlighted the increased risk of financial market stress due to prolonged uncertainty.

Bloomberg Economics’ Perspective:

History suggests that the IMF’s initial growth forecasts during crises tend to underestimate the actual impact by 0.5 percentage points. Although the IMF may initially downgrade growth forecasts, the ultimate impact is expected to be more severe.

The global economic outlook remains uncertain, with Federal Reserve Chair Jerome Powell indicating a cautious approach towards monetary policy changes. Meanwhile, European Central Bank chief Christine Lagarde expressed uncertainty regarding the current situation. Georgieva hopes that the upcoming meetings, including a gathering of Group of 20 finance chiefs, will help ease tensions in global trade relations.

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Other significant events include central bank decisions in Russia and Indonesia, a key euro-zone wage indicator, and the release of the Federal Reserve’s Beige Book.

US and Canada Highlights:

In the US, investors will closely monitor consumer sentiment and inflation expectations data from the University of Michigan. The Fed’s Beige Book will provide insights into regional economic conditions and the impact of government policies on business decisions. Additionally, reports on new-home sales, durable goods orders, and speeches by Fed officials are scheduled.

In Canada, the election campaign enters its final week, with polls showing a slight lead for Prime Minister Mark Carney’s Liberals. Events such as a conference featuring trade negotiator Steve Verheul and retail data releases will be crucial indicators of the economic climate in Canada.

Asia Overview:

Asian countries will report on various economic indicators throughout the week, including loan prime rates in China, trade data in Indonesia, and employment figures in Taiwan and Hong Kong. Central bank decisions in Indonesia and preliminary PMI data from Australia, Japan, and India will offer insights into the impact of the US-led trade war on these economies.

South Korea’s efforts to negotiate tariff reductions with the US and Japan’s discussions on car safety standards will be closely watched. Economic data releases from Malaysia, Singapore, and South Korea will provide further clarity on the region’s economic performance.

Japan and Singapore will report on inflation and industrial production, while India and Thailand will disclose their foreign exchange reserves.

Europe, Middle East, Africa Updates:

In Europe, attention will be on survey reports, including consumer confidence, professional forecasters’ survey, and PMIs. Germany’s Ifo survey of business confidence and France’s similar indexes will be key indicators of sentiment in the region. The UK will release PMI reports, public finance numbers, and retail sales data.

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The Swiss National Bank’s earnings announcement, Russia’s central bank monetary decision, and speeches by policymakers will be significant events in the region.

Latin America Insights:

Argentina’s GDP-proxy data, Colombia’s economic activity report, and Paraguay’s central bank decisions will shed light on the economic performance in the region. Brazil and Mexico will release inflation and economic activity data, offering insights into the region’s economic outlook.

Mexico’s potential recession and inflation trends will be closely monitored, along with Banco de Mexico’s upcoming rate decision.

(This article is a summarized and rephrased version of an original piece auto-generated from a syndicated feed, with key information and HTML elements preserved for WordPress integration.)


TAGGED:EconomyhitShockwavesTariffsTrumpsWorld
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