- 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
DC’s baseball team faces potential DOJ probe after exec allegedly admitted to religious discrimination
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FIRST ON FOX — Washington, D.C.’s professional baseball franchise could come under Justice Department scrutiny after a viral video showed a team executive appearing to admit to his religious discrimination against a Christian player.
Rep. Lauren Boebert, R-Colo., is urging Acting Attorney General Todd Blanche and Assistant Attorney General for Civil Rights Harmeet Dhillon to investigate alleged religious discrimination against players for the Washington Nationals, according to a letter sent Thursday to and first obtained by Fox News Digital.
The letter comes after Project Veritas founder James O’Keefe published a secretly recorded video of Washington Nationals Director of Community Relations Sean Hudson saying the team does not include pitcher Trevor Williams in certain social media promotion.
He cited the player’s public criticism of another Major League Baseball franchise for hosting a drag group mocking Catholics.
Rep. Lauren Boebert, R-Colo., is urging the Department of Justice to investigate alleged religious discrimination within the Washington Nationals organization and across Major League Baseball. (Anna Moneymaker/Getty Images)
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“According to the reporting by James O’Keefe, it appears the Washington Nationals are engaged in unlawful religious discrimination,” Boebert told Fox News Digital in a written statement. “I urge the DOJ to take immediate and decisive action.”
A spokesperson for the Justice Department said they received Boebert’s letter.
“The Department is reviewing the matter and will evaluate all appropriate next steps. As always, we remain committed to enforcing federal law and protecting civil rights,” they told Fox News Digital.
A spokesperson for the Washington Nationals did not immediately respond to a request for comment.
Hudson, in the clandestine recording, pointed to Williams’ public objections to the Los Angeles Dodgers honoring the Sisterhood of Perpetual Indulgence — a drag group that dresses as nuns — during the team’s 2023 “Pride Night.
The event also drew condemnation from multiple Catholic bishops, who described it as “blasphemous.”
Trevor Williams of the Washington Nationals sits in the dugout before a game against the Seattle Mariners at T-Mobile Park in Seattle, Wash., on May 28, 2025. (Stephen Brashear/Getty Images)
Williams said he found the group’s anti-Catholic demonstration featuring vulgar caricatures of the crucifixion and sacred rituals to be “deeply offensive,” in an interview with Bishop Robert Barron last year. The professional baseball player said he made the decision with his wife to speak out even though it would put “a target on our back.”
“Baseball stadiums should be a place where everyone feels welcomed, like 100%,” Williams said in the interview. “We should all feel welcomed there. But that was clearly against one certain religion. If you don’t draw the line in the sand, who’s gonna do it?”
According to Hudson, that public criticism of the drag group’s performance later affected Williams’ opportunities at the Nationals franchise.
“Because of that we don’t use him on social [media],” Hudson told an undercover journalist in the video. “When they’re like ‘is a hot dog a sandwich’ and the players come up, we don’t ask him.”
CONGRESSMAN SAYS MLB IS OUSTING TREVOR BAUER DUE TO TRUMP SUPPORT, IN LETTER TO ROB MANFRED
Boebert said she is concerned that Hudson’s admission could mean the franchise violated Title VII of the Civil Rights Act, which prohibits discrimination based on religion and other protected classes.
“Americans of faith should not face professional repercussions for objecting to the mockery of their sacred traditions,” the Colorado Republican said in the letter. “MLB’s privileged legal position should not become a license for exclusionary practices.”
“Sister Unity” and “Sister Dominia” of the Sisters of Perpetual Indulgence were honored on Pride Night before the MLB game between the San Francisco Giants and Los Angeles Dodgers at Dodger Stadium in Los Angeles on June 16, 2023. (Brian Rothmuller/Icon Sportswire)
Hudson, in the video, described himself as “far-left leaning” and nonreligious. Meanwhile, he called Williams “super Catholic.”
The Washington Nationals executive also boasted about a Communist Party poster in his office and mused about pushing redistribution of wealth and other leftist agendas during baseball games at Nationals Park in Southeast Washington, D.C.
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“What a cool opportunity for us [Nationals] to also, be a little bit of like, the voice of reason,” Hudson said. “And a lot of people will tell you when I come to a baseball game, I don’t want to think about that s–t.”
“If you’re a sports fan and we piss you off, where else are you gonna go,” he went on. “I don’t give a sh–t.”
Washington, D.C
‘Gateway to our city’: $465M grant to renovate Union Station
U.S. Transportation Secretary Sean Duffy announced Thursday hundreds of millions of dollars to help with what he says are critical structural repairs and upgrades for D.C.’s Union Station.
“It was built in 1908, over a hundred years ago, and it was the largest train station in the world when it was built,” Duffy said. “And over the course of decades, it’s become run-down,” Duffy said.
A $465 million grant aims to ensure the overall experience for those coming and going remains up to par and on track at the transit hub. It will help fast-track repairs like roof upgrades and passenger concourses, Duffy said.
The project includes the Amtrak lounge and the ticket experience.
For some travelers, alternatives to fast food are a must.
Retail, parking and office spaces will be priorities of the project to maximize the station’s revenue, as will public safety.
Already, Columbus Fountain is flowing again after being broken and dry for almost two decades.
“Now when you come out of Union Station, the gateway to our city, you’ll be met with a fountain that is beautiful and a fountain that actually works,” Duffy said.
Washington, D.C
ICE detained over 1,000 people in DC. Here’s one man’s story
Alexander Esquivel was eating breakfast in his car outside his Washington, D.C. apartment last August when, unbeknownst to him, an ICE agent approached his vehicle. Esquivel was about to leave for his cleaning job and stepped out of the car to dust crumbs off his shirt when the agent grabbed his wrist.
“He said, ‘which border did you cross?’ He asked me that repeatedly, over and over again,” Esquivel said. “I felt so many emotions: What would happen if they deported me? I’ll lose my family, my friends, everything I’ve built, I’ll lose it all in the blink of an eye, all for nothing.”
When he couldn’t provide proof of citizenship, the officer arrested Esquivel, after which he was transported to Chantilly Detention Center in Northern Virginia.
“They handcuffed us all like animals, at our waists, feet, and arms,” Esquivel said.
Esquivel migrated from El Salvador to the US almost 20 years ago, and he’s one of more than 1,100 people who were detained in D.C. in the two months following President Trump’s surge of federal law enforcement last August, according to Washington Post reporting. Like over 80 percent of those arrested, he did not have a criminal record. While Esquivel is comparatively lucky — he won his court hearing last month, allowing him to remain in the U.S. — he and his family are still among the thousands of D.C. families living in the shadow of the ongoing crackdown.
“I’m always scared, you know, because even if the police stop us, then they could call ICE agents,” said his daughter Kaylie Esquivel, a 9th grader who is U.S. citizen. Kaylie said she cried every night of father’s detention. “I have this bond with my dad that I didn’t really have with anyone else,” she said.
For his part, Esquivel still has nightmares about his incarceration. “I wake up with that trauma, thinking I’m still detained,” he said.
After Chantilly, Esquivel was transferred to Southwest Virginia Regional Jail, six hours away from D.C.. He was then moved to Farmville Detention Center near Richmond, Virginia, where he was given a yellow uniform indicating his lack of a criminal record. He said he met many people who were in the country legally or were in the process of obtaining legal immigration status.
“They took them without a justification and without reason, solely because of the color of their skin and their Hispanic features,” Esquivel said.
Many of the arrests in Washington D.C. occurred without warrants, according to The Washington Post. Last September, a Supreme Court ruling greenlit the use of racial profiling in immigration arrests nationwide.
Esquivel still thinks about the conditions of the jail. “We heard that there were worms in the food,” he said. (An October 2025 report by the National Immigration Project documented reports of worms in the food at Farmville, and detainees facing retaliation for refusing to eat).
“Everyone there was very sick — they got sick with everything, the flu, among other things,” said Esquivel, adding that people struggled to get access to medical care in detention. “The treatment was truly inhumane,” Esquivel said.
The Department of Homeland Security did not respond to request for comment.
While Alex was gone, his wife Dolores says she experienced intense fear, anxiety, and depression. “This wasn’t the life I wanted. Living in fear isn’t living,” she said.
The family received lots of support from their community during his detention, raising over $25,000 to help with his legal fees. Dolores said that while neighbors left food outside for them everyday, it was of limited comfort.
“I don’t want money, I don’t want anything, I want my husband,” she said, of how she felt during those months.
In November, after two months in detention, Esquivel was released on bail. The immigration judge cited his strong family ties and lack of a criminal record.
“It was so fulfilling, such a joy,” said Dolores of when he finally returned home. “There is nothing better than being with your husband, my husband with his daughters, with his parents. That’s the true value of life, family.”
Even while they continue to celebrate, the family worries that last month’s court win that allows him to stay could be challenged by the Department of Homeland Security. He and his family avoid leaving the house as much as possible for fear of running into immigration enforcement.
Still, Esquivel hasn’t lost hope.
“I’d tell them not to lose faith, to fight as hard as they can,” he said of what he’d tell other people facing detention. “To fight until they give their last ounce of effort, to not give up, because without a fight there is no victor.”
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