The International Monetary Fund (IMF) released its April 2025 World Economic Outlook (WEO): A Critical Juncture amid Policy Shifts, soon after the US announced its latest round of tariffs—to be implemented nearly universally. The US began instituting new tariffs in February, and, although some trading partners responded with countermeasures, market responses were not particularly notable. However, with the April 2 announcement, tariff rates rose to the highest levels in about a century—a negative growth shock. Major equity indices experienced historic drops followed by a partial recovery after April 9, when a pause and some adjustments were announced. The unpredictable nature of these tariffs has had a negative impact on economic activity, and uncertainty, especially regarding trade policy, has soared.