US President Donald Trump announces new tariffs at the White House on April 2, 2025. Chip Somodevilla/Getty Images London —

Higher US tariffs have so far had a smaller impact globally than expected, but it would be “premature and incorrect” to conclude they have had no effect on economic growth, the International Monetary Fund said Tuesday.

The IMF slightly upgraded its expectations for global and US growth for this year in its latest World Economic Outlook report, also citing a smaller-than-expected increase in the US tariffs themselves.

A flurry of trade announcements, including deals between the United States and several trading partners, have brought the average US tariff rate down from April highs to between 10% and 20% for most countries, according to the Washington, DC-bas

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