The International Monetary Fund (IMF) has warned trade tensions mean the global economy could miss its projected growth forecast for 2020.
In its World Economic Outlook Update, the IMF predicts the global economy will miss its target by 0.5% if current trade tensions continue.
The possibility of them escalating further is the biggest near-term threat to global growth, with severe consequences for asset prices and investment.
Overall, the IMF predicts global growth to be 3.9% for 2018 and 2019.
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However, many advanced economies are beginning to slow down, in particular the Eurozone and the UK, with rising political uncertainty, migration and Brexit cited as big points of concern.
In these countries, the IMF expects GDPs to grow by 2.4 %, which is down 0.1% from the IMFs projection in April, with supply disruptions, geopolitical tensions and rising oil prices blamed.
Oil exporters, such as Russia and the countries in the Middle East, have consequently benefitted from the uncertainty.
China continues to meet growth projections but global growth is likely to depend on the policies of the US Federal Reserve.
The IMF has forecasted that the Federal Reserve will keep gradually increasing interest rates over the next two years due to strong US employment figures and a secure dollar.
