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

“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.

The opening chapter, where the IMF gives its projections for global growth, had to be completely recast after Trump’s “liberation day” announcement on April 2 of sweeping “reciprocal tariffs” against a wide range of countries, the imposition of a 145 percent tariff against China, and a 10 percent tariff hike on all others.