Global Economy Set Back

This week has been sobering from the point of view of global economy, with a rift at the G7 Summit and the Trump administration's slapping of tariff on Chinese imports.

The Trump administration confirmed Friday that it would move forward with tariffs on $50 billion of Chinese exports. Beijing called that a declaration of a trade war, and promised immediate retaliation.

The week began with a chaotic G7 summit where simmering tensions over President Donald Trump's trade policies led to a deep split with America's closest neighbors and allies.

Protectionism is now threatening to slow global trade, and undermine growth and jobs in the United States,

Germany has slashed its economic forecasts, new data show China may already be slowing, emerging markets are coming under pressure and the International Monetary Fund is sounding the alarm.

68The clouds on the horizon ... are getting darker by the day

It wasn't supposed to happen this way: The global economy started the year on a broad upswing that had only strengthened since it began in 2016. With momentum expected to continue into 2019, policymakers were urged to take advantage.

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: Getty Images