- 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
“Like Vienna in 1914”: At Bob Barnett’s Memorial, Washington’s Power Class Peers Over the Brink
“It’s like Vienna in 1914,” said James Carville in his unmistakable drawl. “It’s like the opening of The Guns of August.” Barbara Tuchman’s classic account of the first days of World War I opens with the funeral of King Edward VII, which, for all its pomp and circumstance—nine kings arrive, followed by “five heirs apparent, forty more imperial or royal highnesses, seven queens,” and a “scattering of special ambassadors”—marks the start of a steep descent into war.
Near Carville stood two police officers, guarding a metal detector erected outside the expansive basement ballroom of The Ritz-Carlton in Washington, DC. There, a few hundred of the people who once ran the town gathered on Monday to mourn the passing of one of their own.
The memorial was for Robert Barnett, the famed Washington lawyer, power broker, and confidant of presidents who negotiated blockbuster book deals for superstar clients, including the Clintons, the Bushes, and the Obamas. The invitation-only service, held on a sunny November morning and attended by a dizzying collection of Washington’s boldface names, was a fitting tribute to Barnett, who died in September at the age of 79. Nearly 700 people packed into the ballroom, filling every seat, to hear speeches from his many clients: Bill and Hillary Clinton, Bob Woodward, and James Patterson, to name a few.
Barnett was once labeled “the kingpin of Washington book deals” by The New York Times, but his influence extended far beyond the capital. He negotiated contracts for politicians, television stars, writers, royals, and celebrities, but also acted as a trusted counselor to many; Hillary Clinton wrote in her 2003 memoir—for which Barnett secured her an $8 million advance—that he was the first to suggest to her that Bill might have indeed had an affair with Monica Lewinsky.
Washington has changed a lot since Barnett made his fame there. Donald Trump twice stormed into office with a pledge to drain the swamp, which manifested not in a departure from grubby DC corruption, but certainly a humbling of the establishment insiders who ruled the capital for decades. In Trump’s Washington, many of the powerful in the room at The Ritz felt more powerless than ever. They loathe what he’s done to the East Wing. There is nothing they can do about it.
Washington, D.C
Trip Report: Outdoor Alliance Brings Advocates to D.C. to Stand Up for Public Lands and Waters — Outdoor Alliance
Even with the government shut down, Outdoor Alliance doesn’t stop working to protect public lands and waters. In October, our team and partners from across the country came together in Washington, D.C. for a fly-in that brought outdoor recreation leaders face-to-face with lawmakers to talk about the issues that matter most to the outdoor community: keeping public lands public, defending agency staffing and resources, and securing long-term funding for the outdoors.
Over the course of two days, our team, member organizations, and Grasstops Collective advocates met with 77 offices, including 9 members of Congress—a nearly even split between Republicans and Democrats. These meetings helped strengthen bipartisan support for outdoor recreation and conservation priorities across the country.
Policy Priorities and Takeaways
Our meetings focused on several key policy priorities:
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Keeping public lands public: At a time when some lawmakers are proposing to sell off or give away public lands, Outdoor Alliance continues to stand up for the idea that these lands belong to everyone. Senator Lee’s recent shift from a national land sale strategy to a piecemeal approach underscores that the outdoor community needs to stay engaged in protecting public lands and waters.
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Protecting outdoor recreation: We shared the importance of upholding the Roadless Rule, which the USDA is in the process of working to rescind, a move that would strip protections from 45 million acres of National Forests. While some staff were less familiar with this issue, these conversations highlighted the need for ongoing public education and advocacy.
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Defending agency capacity: Lawmakers on both sides of the aisle expressed concern about the state of agency staffing. Understaffed agencies are struggling to implement policies like the EXPLORE Act, manage recreation responsibly, and maintain essential infrastructure.
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Securing funding for the outdoors: There was strong bipartisan interest in reauthorizing the Legacy Restoration Fund (LRF), a cornerstone of the Great American Outdoors Act that has delivered millions of dollars in deferred maintenance projects across public lands. Many offices voiced support for moving a clean reauthorization bill through the Senate in the next year.
Outdoor Alliance’s CEO Adam Cramer said, “Public lands are one of the last truly bipartisan spaces in America. The conversations we had this week show that there’s still real appetite—across party lines—to protect access, fund stewardship, and ensure agencies have what they need to care for these places.”
Highlights from California
The California team met with 14 bipartisan offices, including House Natural Resources Committee staff and Ranking Member Congressman Jared Huffman, who expressed continued support for the Legacy Restoration Fund and outdoor recreation priorities.
“Our meetings with key decision-makers from the California delegation were both productive and insightful, strengthening Outdoor Alliance’s national advocacy efforts,” said Katie Goodwin, Western Regional Director & Policy Analyst at Access Fund. “It was especially meaningful to meet in person with our California policy team, as we continue our six-year partnership advancing impactful conservation policies and expanding public lands access at the federal level.”
Washington, D.C
RFK Jr.’s neighbor has Halloween display message for him – WTOP News
Along with pumpkins, witches, and vampires you will see a lot of Halloween decorations featuring political messages on the front steps of homes around D.C.
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RFK Jr.’s neighbor has Halloween display message for him
Move over spooky, this year’s Halloween theme in D.C. is politics.
Along with pumpkins, witches and vampires, you will see a lot of Halloween decorations featuring political messages on the front steps of homes around the District.
Skeletons throwing sandwiches were spotted in many parts of D.C., which represents Sean Dunn, the former paralegal for the Department of Justice who was arrested for throwing a sub at a Customs and Border Protection during a protest at 14th and U streets NW in August.
One hot spot for politically themed Halloween decorations is in Georgetown, which may make one of President Donald Trump’s cabinet members feel less than festive.
Christine Payne has lived, along with her husband Jimmy, in Georgetown for six years and her small but pointed decoration has more than a veiled message to her neighbor Secretary of Health and Human Services Robert F. Kennedy Jr.
“My son has autism, and a neighbor is very active in anti-vaccines,” Payne said. “So it was also in reflection to that.”
Along with pumpkins and a Halloween themed “Welcome” sign on the door, Payne has a skeleton displayed in her window.
The skeleton in a child-sized chair, holding a sign that says, “Wish I had taken my vaccine.”
“There is a small bottle of Tylenol also next to his feet because we’re very concerned about it affecting children,” Payne said.
Another one of Payne’s neighbors joined her with the theme — by putting out a headstone that reads, “I did my own research.”
“We have people taking photos of it constantly,” Payne said.
While she had not heard from Kennedy about the Halloween display, she did say he and his wife Cheryl Hines have only been nice and friendly.
“One of the nicer neighbors that we’ve dealt with through the years, very agreeable, but love thy neighbor, not agree with his politics,” Payne said.
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