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.

IMF Managing Director Kristalina Georgieva emphasizes the need for a fairer, rules-based global trading system amid U.S.-China trade tensions. Speaking before the IMF and World Bank meetings, she highlights India's reduction of trade barriers as a positive step and urges further global reductions in tariffs.