| Steep tariffs on U.S. trading partners have left businesses paralyzed by uncertainty. Maggie Shannon for The New York Times |
The latest global economic forecast: storms ahead
President Trump’s trade war is expected to slow economic growth across the globe this year, the International Monetary Fund said yesterday in a major report.
The gloomier outlook stems in large part from the impact of tariffs on the U.S. economy, which is expected to see slower growth and higher inflation. Growth forecasts for China and Europe were also lowered.
The I.M.F. forecasts that global output will slow to 2.8 percent this year from 3.3 percent in 2024. It also expects output to be slower next year.
Quotable: “The global economic system that has operated for the past 80 years is being reset,” the I.M.F.’s chief economist said. The surge in uncertainty related to trade policy but also more broadly is a major driver of the economic outlook, he said.
New world order: Finance ministers and other policymakers are in Washington this week for meetings of the I.M.F. and the World Bank, which are under pressure to prove their relevance to the Trump administration.
| More on TrumpInvestors around the world are rushing to buy gold as concerns linger about a trade war. Gold prices have set a series of records in recent weeks.Secretary of State Marco Rubio unveiled a reorganization of the State Department, cutting an office responsible for advancing American values around the world.Defense Secretary Pete Hegseth’s inner circle is in shambles, and the Pentagon is in disarray.The information about the Yemen strikes that Hegseth shared on two Signal chats came from a secure system designed to send classified information.An immigrant in U.S. custody has not been seen or heard from, raising concerns that some migrants may have been deported with no record.A judge blocked the Trump administration from dismantling Voice of America, a government-funded news organization.More than 220 higher education leaders condemned the administration’s efforts to control universities.Can Harvard withstand Trump’s attack on its finances?Track Trump’s actions since he took office. |
| A photo released by the Vatican showed Pope Francis’ remains in the Chapel of Santa Marta in the Vatican on Monday. The Vatican |
A carefully choreographed farewell begins
Pope Francis’ coffin will be taken in a procession today to St. Peter’s Basilica, where it will lie in state for about three days. Mourners will be able to attend the public viewing of his body before his funeral on Saturday.
The funeral will feature simpler rituals than those followed for past popes, in keeping with the informal style that became a trademark of Francis’ papacy. President Trump, Prime Minister Keir Starmer of Britain and President Emmanuel Macron of France are among the world leaders expected to attend the funeral in front of St. Peter’s. Here’s what to know about the funeral arrangements.
Conclave: After the funeral, 135 cardinals will gather to elect a new pope. Take a look at this visual timeline.
Grief at home: As Argentines bid farewell to Francis, their grief has been deepened by confusion over why he never returned.
A voice for the voiceless: As democratic values were being turned upside down, the pope was a consistent moral guidepost. Who can play that role now?
Rubio won’t attend the next round of Ukraine talks
Secretary of State Marco Rubio decided yesterday to skip the next stage of the Ukrainian cease-fire talks. Ukraine also rebuffed any deal that would recognize Russia’s occupation of Crimea, one of President Trump’s key proposals for a deal that would halt the fighting.
The back-to-back developments are a double blow, raising fresh questions about how much progress is being made toward winding down the war.
What’s next: Negotiators from the U.S., Europe and Ukraine will still meet in London today to continue hammering out a cease-fire proposal.
| MORE TOP NEWS |
| India: At least 24 tourists were killed in an attack by militants in Kashmir, news reports said, the worst assault against civilians in the region in years. Tesla: Elon Musk said he would spend less time in Washington working for Trump after the automaker reported a profit drop of 71 percent. Syria: The authorities arrested two senior members of the Palestinian armed faction Islamic Jihad, a move that signaled shifting alliances in the Middle East. Europe: For decades, the continent favored social investments over military spending. With Trump shunning the E.U., its weapons makers are now thriving. Media: The executive producer of “60 Minutes” said he would resign because he had lost his journalistic independence. Meta: A co-founder of Instagram testified in a federal antitrust trial that his startup had been starved of resources after Meta bought it. Business: Boeing plans to sell its digital businesses to the private equity firm Thoma Bravo for more than $10 billion. Climate: A new study has found that rapid swings in temperature have become quicker, more frequent and more intense in recent decades. Lawsuits: A jury ruled against Sarah Palin in her yearslong defamation suit against The Times. |
| SPORTS NEWS |
| Hockey: The Maple Leafs scored a critical win over the Ottawa Senators, taking a 2-0 series lead in Game 2. Soccer: How an English club’s bid to “be the most famous club for Arabs” collapsed in five days. Olympics: Simone Biles has yet to decide on competing at the 2028 Games in Los Angeles. |
| MORNING READ |
In England, rural crime is on the rise, and farms have become a target. Gangs use drones and other technology to pinpoint machinery and parts, sometimes moving the goods abroad. The National Farmers’ Union described the communities as “under siege from rising crime.”
| ARTS AND IDEAS |
The next big thing from Japan
Denim, whiskey, sushi — Japan may not have invented them, but the country is front of mind when they come up. So what’s next for Japan?
Chefs, designers and artists weighed in to predict the new obsessions in a special edition of T Magazine that aims to unpack Japan’s cultural influence. Explore the series.
| RECOMMENDATIONS |
Cook: The highlight of this chicken Florentine recipe is the buttery white-wine sauce.
