New projections released Tuesday by the International Monetary Fund forecast tariffs will hurt global economic growth, and that the U.S. economy will take a bigger hit than other large countries. The IMF now projects global growth to drop 2.8% in 2025 and 3% in 2026 -- down from 3.3% for both years from its January 2025 report.

Members of Donald Trump's cabinet gave conflicting messages on Sunday about whether negotiations with China over tariffs are taking place, as the Republican president has asserted. The Trump administration signaled openness last week to de-escalating a trade war between the world's two largest economies that has raised fears of recession.

U.S. Treasury Secretary Scott Bessent on Sunday did not back President Donald Trump's assertion that tariff talks with China were under way and said he did not know if the U.S. president had talked to Chinese President Xi Jinping.