In a concerning turn of events, both the IMF and WTO have issued warnings about the significant risks posed to the global economy by recent tariffs announced by former President Trump. IMF Managing Director Kristalina Georgieva emphasized that these tariffs contribute to a precarious economic outlook, predicting potential contractions in global trade volumes by 1%. Shipping giant Maersk has also voiced concerns, stating that the tariffs could delay goods in transit and negatively impact global trade. Market reactions have been swift, with significant declines observed across various stock indices as fears of a trade war escalate. Economists foresee a potential ripple effect, complicating growth prospects in major economies, including India, while the threat of retaliatory tariffs looms large, creating a vicious cycle of uncertainty in the global market.