The International Monetary Fund warned that global public borrowing will likely surge this year as trade tensions triggered by the US lead to slower economic growth and more volatility on financial markets.

The International Monetary Fund released its world economic outlook which cut the economic growth forecast for the U.S. due to trade tensions and policy uncertainty.

The International Monetary Fund has cut its prediction for global economic growth to 2.8%, down from 3.3% just three months ago.