Trump’s tariffs are forecast to slow the global economy sharply this year, the International Monetary Fund said.

Global finance leaders came to Washington this past week seeking clarity on what it would take to get some relief from President Donald Trump's multi-layered tariff assault and on just how much pain it will bring to the world economy.

“The global economic system under which most countries have operated for the last 80 years is being reset, ushering the world into a new era,” the financial agency wrote in a blog post. The IMF noted the flurry of tariffs Trump has levied or threatened against hundreds of countries and major trade partners.