- U.S.-China trade tensions certain to dominate IMF, World Bank annual meetings
- Finance ministers, central bankers from more than 190 countries coming to Washington
- G7 to discuss sanctions on Russia, Ukraine aid options
Washington, D.C
Trump’s reignited trade war with China clouds IMF, World Bank meetings
WASHINGTON, Oct 13 (Reuters) – Finance chiefs gathering in Washington this week were ready to discuss the global economy’s surprising resilience in the face of Donald Trump’s tariff assaults – until the U.S.-China trade war erupted again with the U.S. president threatening 100% duties on Chinese imports and sending markets into a tailspin.
The annual meetings of the International Monetary Fund and World Bank are now certain to be dominated by questions over whether Trump’s vow to retaliate against China’s dramatically expanded export controls on rare earths will plunge the world’s two largest economies back into a full-blown trade war.
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A delicate truce crafted by Washington and Beijing over the past five months brought tariffs down from triple-digit levels and prompted upgrades to the IMF’s global growth outlook. Plans for Trump to meet with Chinese President Xi Jinping later this month fueled hopes for a further thaw.
But that optimism was shattered on Friday as Trump threatened to cancel the meeting and impose a “massive increase” in tariffs on Chinese goods, along with other countermeasures.
Souring the mood further was China’s move on Friday to match new U.S. port fees for Chinese-built or owned vessels with its own levies on port calls by ships built or flagged in the U.S. or owned by companies more than 25% owned by U.S.-domiciled investment funds.
The IMF and World Bank meetings will bring more than 10,000 people to Washington, including finance ministers and central bank governors from more than 190 countries.
Martin Muehleisen, a former IMF strategy chief who is now with the Atlantic Council, said Trump’s threats may be posturing for negotiating leverage, but said they will inject volatility into the week’s proceedings.
“Let’s hope that sanity prevails. If Trump goes back to 100% tariffs on Chinese goods, there’s going to be a lot of pain in the markets for him,” Muehleisen said.
Trump’s threat on Friday triggered the biggest U.S. stock sell-off in months at a time when investors and top policymakers were already growing anxious about a frothy stock market fueled by an investment boom in artificial intelligence that some officials fear could hurt future employment.
While China has some leverage over Trump due to its global dominance in rare earths, which are essential for tech manufacturing, Muehleisen said it is not in Beijing’s interest to plunge back into an environment of triple-digit tariffs.
It is unclear whether U.S. Treasury Secretary Scott Bessent, who has led U.S.-China trade talks, would meet with any Chinese officials this week in Washington. A Treasury spokesperson declined to comment on Bessent’s bilateral meetings schedule.
GROWTH FORECASTS HOLD UP
Prior to the escalation on Friday’s, IMF Managing Director Kristalina Georgieva had touted the global economy’s ability to withstand multiple shocks, from tariff costs and uncertainty to a slowing U.S. job market, rising debt levels and rapid shifts brought on by AI’s rapid adoption.
In a preview of the IMF’s World Economic Outlook forecasts due on Tuesday, Georgieva said last week that the global GDP growth rate for 2025 would be only slightly less than the 3.3% for 2024. Based on tariff rates that were lower than initially feared – including the U.S.-China duties – the IMF in July raised its 2025 GDP growth forecast by two-tenths of a percentage point to 3.0%.
“What we are seeing is demonstrable resilience in the world,” Georgieva told Reuters in an interview. “But we are also saying it is a time of exceptional uncertainty, and downside risks are still dominating the forecast. So watch it, don’t get too comfortable.”
G7 FOCUS ON RUSSIA
Finance ministers from the Group of Seven industrial democracies are expected to meet on Wednesday to discuss efforts to step up sanctions pressure on Russia that is aimed at ending Moscow’s war against Ukraine.
A British government source said that finance minister Rachel Reeves wanted to ensure joint action with G7 and European Union countries to cut Russia’s energy revenues and access to overseas assets that comply with international law.
Among these options that G7 ministers will discuss is a European Union plan to use Russian frozen sovereign assets to back a loan of 140 billion euros ($162 billion) to Ukraine.
BESSENT’S AGENDA FOR INSTITUTIONS
The U.S. footprint at the meetings will be large, extending from tariff discussions to Bessent’s calls for the IMF and World Bank to pull back from climate and gender issues to focus on their core missions of financial stability and development.
The meetings will be the public debut for Dan Katz, the IMF’s new No. 2 official. Member countries will be watching to see how Katz, a former investment banker who was Bessent’s chief of staff, carries out the U.S. Treasury chief’s agenda, which also calls for stronger IMF criticism of China’s state-led economic policies.
The U.S. Treasury’s market intervention on behalf of Argentina, the IMF’s largest borrower, also will take center stage at the meetings as Argentina’s right-wing libertarian President Javier Milei will join his ally Trump two blocks away at the White House on Tuesday. The move was welcomed by Georgieva to keep Argentina’s market-based reforms on track.
But Muehleisen, the former IMF official, said the Fund risks being pushed by its largest shareholder to enforce Trump’s geopolitical goals – ratcheting up pressure on China and potentially extending more aid to U.S. allies like Argentina without adequate reforms.
“Is it really still a global, multilateral organization, or is it becoming a bit more of an appendage of the U.S. Treasury?” he said. “This will be an interesting debate.”
Reporting by David Lawder; Additional reporting by Andrea Shalal and David Milliken; Editing by Dan Burns and Paul Simao
Our Standards: The Thomson Reuters Trust Principles.
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Washington, D.C
‘Completely avoidable’: DC’s mayor reacts to ICE killing in Minneapolis
D.C.’s mayor and interim police chief took questions on immigration enforcement after an ICE agent shot and killed an unarmed woman in Minneapolis.
“If we don’t want ICE in our communities, we have to stop funding ICE – and that decision isn’t made here; it’s made at the Congress,” Mayor Muriel Bowser said.
The mayor was asked about her reaction to the killing.
“To me, it just is reflected, when you have people who are unaccustomed to urban policing trying to police in an urban environment. What it looked to me like – very bad, and I’m not a police officer, I’m not in law enforcement – but what I saw was completely avoidable, and a woman died,” she said.
“ICE is patrolling American cities. If we don’t want that, the Congress has to stop funding ICE, because thousands of agents who are untrained to police in urban environments are on our streets,” Bowser added.
In two recent incidents in D.C., federal agents opened fire on drivers who the agents claimed were trying to hit them with their vehicles. In those cases, no one was injured.
Interim Chief of Police Jeffery Carroll was asked about public concerns that might happen here again.
“A lot of these individuals, they don’t work in urban policing. So, us working with federal authorities in the policing operations, being out there, actually helps us make sure that we can work in those areas to help control what’s going on,” he said.
“Obviously, I can’t assure you of anything. Obviously, I can assure you every situation is different, right, that officers encounter out there,” he added. “But I think having the relationship and having the federal authorities working with the officers does help to mitigate some of the challenges that we have with that.”
Nadeau’s report on DC cooperation with immigration enforcement
Departing D.C. Councilmember Brianne Nadeau released a scathing report Thursday that’s critical of how MPD and the Bowser administration have cooperated with federal immigration enforcement.
“The primary finding is the loss of trust between the public and MPD,” she told News4. “The challenge that we’re finding is that the mayor and the chief’s interpretation of the Sanctuary Values Act has opened up a vulnerability whereby they are essentially cooperating with ICE in a manner that does not match with the intent of the law.”
Bowser declined to comment on the report.
Carroll said he has not decided whether to make any changes to MPD policies on cooperating with immigration enforcement.
Last month, Councilmember Brooke Pinto, who oversees public safety, sent a letter to the then-chief requesting detailed answers to several questions related to MPD’s cooperation with federal law enforcement. Carroll said Thursday that he will provide a response, which is due to the council by Friday.
In this 4 More Context, News4’s Ted Oberg explains how many people in the D.C. area have been arrested by ICE and why.
Sign up for our free deep-dive newsletter, The 4Front, to get standout News4 stories sent right to your inbox. Subscribe here.
Washington, D.C
DC weather: Dry, mild Thursday with highs in mid 50s; rainy start to weekend
WASHINGTON – A dry and mild Thursday is ahead for the Washington, D.C., region, with highs in the mid‑50s before a rainy start to the weekend.
What we know:
The morning begins on the chilly side with some patchy fog. FOX 5’s Taylor Grenda says conditions stay dry as temperatures climb into the afternoon, with clouds building by evening.
Rain showers may develop late Friday afternoon into the evening, with highs in the upper 50s.
What’s next:
Steadier rain moves in Saturday morning. Temperatures rise into the 60s, but on‑and‑off rain is expected through the afternoon and evening.
Sunday turns much drier, though highs fall back into the 50s. By Monday, colder air returns with highs in the 40s.
The Source: Information in this article comes from the FOX 5 Weather Team and the National Weather Service.
Washington, D.C
Veteran court reporter Lynn Els taking her skills to U.S. Capitol
Coshocton court reporter talks about her new job in the US Capitol
Lynn Els, who has been the court reporter for Coshocton County Common Pleas Court for 40 years, has a new job with the U.S. House of Representatives.
COSHOCTON − Court reporter Lynn Els has always wanted to see the cherry blossoms in bloom in Washington, D.C., and she’ll get that chance this spring thanks to a new job.
Starting Jan. 12, Els will work as a court reporter for the U.S. House of Representatives on the floor in the Capital building in Washington D.C. She’ll write for 10 to 15 minutes before a new reporter comes on.
The 62-year-old will then go to the downstairs office and enter what she wrote into the official Congressional record before going back to the floor, or what they call the well. One might be able to spot Els during hearings aired on C-SPAN.
“It’s not verbatim like I’m used to taking in the courtroom. Because of parliamentary procedures, things are supposed to be worded a certain way in the Congressional record. So, you have to clean it up or insert special language,” Els said of what she’ll be doing. “Now I always have transcripts hanging over my head. I won’t have that backlog of transcripts, because you’re continuing throughout the day building the Congressional Record.”
Distinguished duties
Els has been a court reporter since 1984 and and started with Coshocton County Common Pleas Court in 1986. She can type up to 300 words a minute. She was one of the first people in the nation to obtain a Certified Realtime Reporter designation in 1995.
“I’m excited for what’s new, but sad because I’ve done this for so long and it’s comfortable,” Els said of leaving her current court post. “The thing about this job is that I always have work to do.”
Along with serving as a court reporter for Coshocton County, Els has also done closed captioning for a variety of events. Everything from Cincinnati Bengals football games to the funeral services of Billy Graham and Whitney Houston to “Fox and Friends” to the royal weddings of Prince Harry and Prince William; all working remotely.
This has also included congressional hearings and recognition ceremonies at the Capital starting in 2013, which was the connection to Els’ new job. She worked as an independent contractor through Alderson Court Reporting.
Landing the job
With a laugh, she said living in a small, rural community was actually beneficial. Since she worked remotely and transmitted captions via landlines, the older equipment in Washington D.C. could keep up better with Els’ transmission, over digital lines from larger cities.
“They always kind of liked it when it was me. They knew they wouldn’t have any disconnection problems. So, I became their preferred writer,” Els said.
She was encouraged to submit her resume for the new position last summer. Els never dreamed she would get it, she just always wanted to travel to Washington D.C. to see what it looked like on-site.
Els went to D.C. for an interview and sat in on a committee hearing. She took notes and then typed them up back at the office. This was followed by a writing test and current events test. Els said captioning for the morning news program “Fox and Friends” helped her with that part.
“Just being there was exciting. I did it. I survived that day and it wasn’t bad,” Els said.
Els was slated to start in October, but that was pushed out due to the government shutdown. She will be living in a condo owned by a court reporter friend who works for the International Monetary Fund. Els said she’s received a lot of questions on her living situation, but she’ll be back in Coshocton when not working.
She’ll also continue to do some captioning work on weekends and her off hours, such as captioning for screens in the stadium for Bengals’ home games.
“I do want to keep my skills built up. It’s like playing a sport with captioning, because it’s fast,” Els said. “If you don’t do it, you lose that skill.”
Leonard Hayhurst is a community content coordinator and general news reporter for the Coshocton Tribune with more than 18 years of local journalism experience and multiple awards from the Ohio Associated Press. He can be reached at 740-295-3417 or llhayhur@coshoctontribune.com. Follow him on X at @llhayhurst.
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