U.S. News

The New York Times reports that the IMF revised down its projection for 2020 global growth as the depth of the economic toll from coronavirus became clearer, expecting the global economy will shrink 4.9% this year instead of the 3.0% contraction predicted in April. The revised forecast is consistent with a slow and uneven global economic recovery, with the return to growth impeded by labor market “scarring” from mass job cuts and business closures. NYT

According to the Financial Times, the United States is considering imposing punitive tariffs on an additional $3.1 billion of European goods to take greater advantage of last year’s WTO decision in the ongoing US-EU dispute over aircraft subsidies. The tariff announcement comes as trade tensions between the US and EU are heating up again over the issue of how to tax American technology giants. FT