An extreme, protracted trade war between the U.S. and China brings profound risks that could plunge millions of people into poverty, economists say.

Kristalina Georgieva said a breakdown of trust sparked a ‘reboot of the global trading system’ but the global economy will avoid a recession.

For a closer look at how President Trump's tariffs are already impacting the U.S. and global economies, Amna Nawaz spoke with Mary Lovely, a senior fellow who studies tariffs at the nonpartisan Peterson Institute for International Economics.