Surging U.S. tariffs will weaken the global economy and push up inflation this year, according to projections to be released next week by the International Monetary Fund.

Rising trade tensions and sweeping shifts in the global trading system will trigger downward revisions of the IMF's economic forecasts but no global recession is expected, IMF Managing Director Kristalina Georgieva said on Thursday.

Tariffs and unilateral trade actions are causing uncertainty that will lower global growth, but not enough to tip the world’s economy in to recession, International Monetary Fund chief