Ever since President Donald Trump introduced his first set of higher tariffs, it’s been a waiting game to see just how big an impact they’ll have on the global economy.

“The global economic system under which most countries have operated for the last 80 years is being reset, ushering the world into a new era,” the financial agency wrote in a blog post. The IMF noted the flurry of tariffs Trump has levied or threatened against hundreds of countries and major trade partners.

President Donald Trump renewed his attacks on Federal Reserve Chair Jerome H. Powell on Monday, exacerbating a stock sell-off and dragging the dollar to a three-year low amid persistent uncertainty about the administration’s approach to trade and the economy.