The tariffs, a signature policy of the previous U.S. administration, were initially touted as a means to bring jobs, higher wages, and economic growth to the United States. However, their broader impact has been a subject of debate among economists and international bodies.

Kristalina Georgieva, the head of the IMF, recently stated that while the global economic situation is "better than we feared, worse than it needs to be." She noted that growth has fallen from a pre-COVID average of 3.7%. "This growth is too slow to meet the aspirations of people around the world for better lives," Georgieva said in a podcast.

The implementation of tariffs has led to retaliatory measures from various countries, disrupting established trade relationships and supply chains. Businesses have had to adapt to increased costs and uncertainty, leading to adjustments in investment and production decisions. The impact is felt differently across nations, with some economies being more vulnerable to trade disruptions than others.

The ongoing trade tensions have also raised concerns about the future of multilateral trade agreements and the role of international organizations in resolving trade disputes. The World Trade Organization (WTO), for example, has faced challenges in its dispute settlement mechanism, further complicating the global trade landscape.

Looking ahead, the future trajectory of tariffs and their impact on the global economy will depend on various factors, including geopolitical developments, policy decisions by major economies, and the ability of countries to find common ground on trade issues. The meeting between U.S. and Chinese leaders in April will be a key moment to watch, as trade and tariffs are expected to be high on the agenda.