Pierre-Olivier Gourinchas

Money Moves

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In April 2025, average US tariffs hit their highest level since 1943. Nine months later, the global economy is still growing. The IMF's January 2026 World Economic Outlook projects 3.3% global growth (slightly better than feared), thanks to supply-chain rerouting, surging AI investment, and a US-China truce pulling tariffs back from their 145% peak.

Updated May 22