New projections released Tuesday by the International Monetary Fund forecast tariffs will hurt global economic growth, and that the U.S. economy will take a bigger hit than other large countries. The IMF now projects global growth to drop 2.8% in 2025 and 3% in 2026 -- down from 3.3% for both years from its January 2025 report.

China exempted some U.S. imports from its steep tariffs in a sign on Friday that the trade war between the two countries could be easing, though China quickly knocked down U.S. President Donald Trump's assertion that negotiations were underway.

U.S. President Donald Trump said his administration is talking with China to strike a tariff deal and that Chinese President Xi Jinping has called him, according to a Time magazine interview published on Friday as Beijing continues to dispute U.