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If it is the last of these reasons, that is pretty bleak news for the global economy because it could mean that a settlement between the world's superpowers could be harder to reach than many had expected.

Trump has said the tariffs will boost US economic growth, but some economists have warned of a slowdown in the US and in the global economy.

She said the IMF was still looking into the "macroeconomic implications" of the measures and stressed the need to avoid actions that could do more damage to the global economy.

In the near term, economists say tariffs will disrupt supply chains, shrink the global economy and increase costs for the average American family by thousands of dollars annually.

European Commission chief Ursula von der Leyen said "the global economy will massively suffer" and that "the consequences will be dire for millions of people around the globe".