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    I.M.F. Says Inflation Fight Is Largely Over but Warns of New Threats

    The International Monetary Fund said protectionism and new trade wars could weigh on growth.The global economy has managed to avoid falling into a recession even though the world’s central banks have raised interest rates to their highest levels in years to try to tame rapid inflation, the International Monetary Fund said on Tuesday.But the I.M.F., in a new report, also cautioned that escalating violence in the Middle East and the prospect of a new round of trade wars stemming from political developments in the United States remain significant threats.New economic forecasts released by the fund on Tuesday showed that the global fight against soaring prices has largely been won: Global output is expected to hold steady at 3.2 percent this year and next. Fears of a widespread post-pandemic contraction have been averted, but the fund warned that many countries still face a challenging mix of high debt and sluggish growth.The report was released as finance ministers and central bank governors from around the world convened in Washington for the annual meetings of the I.M.F. and the World Bank. The gathering is taking place two weeks ahead of a presidential election in the United States that could result in a major shift toward protectionism and tariffs if former President Donald J. Trump is elected.Mr. Trump has threatened to impose across-the-board tariffs of as much as 50 percent, most likely setting off retaliation and trade wars. Economists think that could fuel price increases and slow growth, possibly leading to a recession.“Fear of a Trump presidency will loudly reverberate behind the scenes,” said Mark Sobel, a former Treasury official who is now the U.S. chairman of the Official Monetary and Financial Institutions Forum. Mr. Sobel said global policymakers would probably be wondering what another Trump presidency would “mean for the future of multilateralism, international cooperation, U.S.-China stresses and their worldwide ripples, and global trade and finance, among others.”We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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    Western Anxiety Makes for an Unexpectedly Smooth G7 Summit

    Political weakness, intractable wars in Ukraine and in the Middle East, and challenges from Russia and China combined to create solidarity behind American leadership.The Group of 7 summit that ended on Saturday went extraordinarily smoothly by the standards of a gathering where the leaders of major powers come together. That was a measure of the anxiety the leaders feel about deteriorating trends in Ukraine, in the Middle East, in China and in their own political futures.There was a dispute over the use of the word “abortion” in the communiqué, prompted by the host, Prime Minister Giorgia Meloni of Italy, but that was seen as a gesture to her domestic constituency. On important issues of geopolitics, there was little that divided the group.President Biden may appear politically vulnerable and uncertain of re-election, but this summit meeting was another example of unchallenged American leadership of the West, especially on contentious issues of war and peace.With the main headlines about new support for Ukraine — a $50 billion injection built on the money earned from frozen Russian assets, and long-term security pacts with Ukraine signed by the United States and Japan — this gathering was just the first in a series intended to bolster President Volodymyr Zelensky in the war against Russia.It is followed this weekend by a so-called peace summit in Switzerland that aims to show that Ukraine has global support and is willing to negotiate on fair terms with Russia, even though Moscow has not been invited. Then, NATO holds its 75th anniversary summit meeting in Washington in mid-July.While Ukraine will not receive an invitation to begin membership talks with NATO, the alliance, led by the United States, is preparing what Secretary of State Antony J. Blinken has called “a bridge to membership” — a coordinated package of long-term military and financial support for Kyiv that some have likened to a diplomatic and military “mission.”We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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    U.S. Expands Sanctions on Russia as G7 Leaders Gather

    The Biden administration is taking new measures aimed at stopping China from helping the Kremlin sustain its war effort against Ukraine. U.S. officials hope European nations will take similar steps.The Biden administration announced a series of new financial sanctions Wednesday aimed at interrupting the fast-growing technological links between China and Russia that American officials believe are behind a broad effort to rebuild and modernize Russia’s military during its war with Ukraine.The actions were announced just as President Biden was leaving the country for a meeting in Italy of the Group of 7 industrialized economies, where a renewed effort to degrade the Russian economy will be at the top of his agenda.The effort has grown far more complicated in the past six or eight months after China, which previously had sat largely on the sidelines, has stepped up its shipments of microchips, optical systems for drones and components for advanced weaponry, U.S. officials said. But so far Beijing appears to have heeded Mr. Biden’s warning against shipping weapons to Russia, even as the United States and NATO continue to arm Ukraine.Announcing the new sanctions, Treasury Secretary Janet L. Yellen said in a statement that “Russia’s war economy is deeply isolated from the international financial system, leaving the Kremlin’s military desperate for access to the outside world.”At the heart of the new measures is an expansion of “secondary” sanctions that give the United States the power to blacklist any bank around the world that does business with Russian financial institutions already facing sanctions. This is intended to deter smaller banks, especially in places like China, from helping Russia finance its war effort.The Treasury Department also imposed restrictions on the stock exchange in Moscow in hopes of preventing foreign investors from propping up Russian defense companies. The sanctions hit several Chinese companies that are accused of helping Russia gain access to critical military equipment such as electronics, lasers and drone components.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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    Russia’s War Machine Revs Up as the West’s Plan to Cap Oil Revenues Sputters

    Russia has largely evaded attempts by the U.S. and Europe to keep it from profiting from its energy exports.The United States and its allies in the Group of 7 nations set two goals in 2022 when they enacted a novel plan to cap the price of Russian oil: restrict Moscow’s ability to profit from its energy exports while allowing its oil to continue flowing on international markets to prevent a global price shock.A year and a half later, only the latter goal appears to have worked. Energy prices have been relatively stable across the world, including in the United States, which helped devise the plan. But Russia’s war effort in Ukraine is intensifying, making it increasingly clear that efforts by Western allies to squeeze Moscow’s oil revenues are faltering.A variety of factors have allowed Russia to continue profiting from strong oil revenue, including lenient enforcement of the price cap. Russia’s development of an extensive “shadow” fleet of tankers has allowed it to largely circumvent that policy. That has allowed the Russian economy to be more resilient than expected, raising questions about the effectiveness of the coordinated sanctions campaign employed by the G7.The Biden administration maintains that the strategy has been effective and that the price cap has imposed costs on Russia and forced it to redirect money that it would have used in Ukraine to finance an alternative oil ecosystem.Treasury Secretary Janet L. Yellen said in an interview on Sunday that the price of Russian oil was not the only measure of their profits, noting that Russia has had to invest significant resources in response to the cap.“We’ve made it very expensive for Russia to ship this oil to China and India in terms of acquiring a shadow fleet and providing insurance,” Ms. Yellen said on her flight to Europe, where she is holding meetings in Germany and attending a gathering of finance ministers in Italy. “We still think it’s working.”We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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    I.M.F. Sees Steady Growth but Warns of Rising Protectionism

    The International Monetary Fund offered an upbeat economic outlook but said that new trade barriers and escalating wars could worsen inflation.The global economy is approaching a soft landing after several years of geopolitical and economic turmoil, the International Monetary Fund said on Tuesday. But it warned that risks remain, including stubborn inflation, the threat of escalating global conflicts and rising protectionism.In its latest World Economic Outlook report, the I.M.F. projected global output to hold steady at 3.2 percent in 2024, unchanged from 2023. Although the pace of the expansion is tepid by historical standards, the I.M.F. said that global economic activity has been surprisingly resilient given that central banks aggressively raised interest rates to tame inflation and wars in Ukraine and the Middle East further disrupt supply chains.The forecasts came as policymakers from around the world began arriving in Washington for the spring meetings of the International Monetary Fund and the World Bank. The outlook is brighter from just a year ago, when the I.M.F. was warning of underlying “turbulence” and a multitude of risks.Although the world economy has proved to be durable over the last year, defying predictions of a recession, there are lingering concerns that price pressures have not been sufficiently contained and that new trade barriers will be erected amid anxiety over a recent surge of cheap Chinese exports.“Somewhat worryingly, progress toward inflation targets has somewhat stalled since the beginning of the year,” Pierre-Olivier Gourinchas, the I.M.F.’s chief economist, wrote in an essay that accompanied the report. “Oil prices have been rising recently in part due to geopolitical tensions and services inflation remains stubbornly high.”He added: “Further trade restrictions on Chinese exports could also push up goods inflation.”The gathering is taking place at a time of growing tension between the United States and China over a surge of Chinese green energy products, such as electric vehicles, lithium batteries and solar panels, that are flooding global markets. Treasury Secretary Janet L. Yellen returned last week from a trip to China, where she told her counterparts that Beijing’s industrial policy was harming American workers. She warned that the United States could pursue trade restrictions to protect investments in America’s solar and electric vehicle industries.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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    U.S. Imposes Major New Sanctions on Russia, Targeting Finance and Defense

    The Biden administration, responding to the death of Aleksei A. Navalny, unveiled its largest sanctions package to date as the war in Ukraine enters its third year.The United States on Friday unleashed its most extensive package of sanctions on Russia since the invasion of Ukraine two years ago, targeting Russia’s financial sector and military-industrial complex in a broad effort to degrade the Kremlin’s war machine.The sweeping sanctions come as the war enters its third year, and exactly one week after the death of the opposition leader Aleksei A. Navalny, for which the Biden administration blames President Vladimir V. Putin of Russia. With Congress struggling to reach an agreement on providing more aid to Ukraine, the United States has become increasingly reliant on financial tools to slow Russia’s ability to restock its military supplies and to put pressure on its economy.Announcing the sanctions on Friday, President Biden reiterated his calls on Congress to provide more funding to Ukraine before it is too late.“The failure to support Ukraine at this critical moment will not be forgotten,” he said in a statement.The president added that the sanctions would further restrict Russia’s energy revenues and crack down on its sanctions evasion efforts across multiple continents.“If Putin does not pay the price for his death and destruction, he will keep going,” Mr. Biden said. “And the costs to the United States — along with our NATO allies and partners in Europe and around the world — will rise.”We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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    Your Monday Briefing: The G7 Wraps

    Also, Russia claims that it captured Bakhmut.President Volodymyr Zelensky during a speech at the G7. Richard A. Brooks/Agence France-Presse — Getty ImagesG7 wraps with support for UkraineThe G7 summit concluded yesterday in Japan with leaders of the world’s major economies welcoming President Volodymyr Zelensky as an honored guest and reaffirming their support of Ukraine. But Russia claimed victory in Bakhmut, even though Ukraine says that it still holds a few blocks of the ruined city.Even though Moscow is trumpeting a “Mission Accomplished” moment, Ukraine still sees an opening to seize the initiative from the city’s outskirts if Russian forces are no longer pressing forward inside the city’s center.Russia’s capture of Bakhmut would be a powerful symbolic success. But controlling it would not necessarily help Russia toward its larger stated goal of conquering the eastern Donbas region. In fact, some analysts say that Russia’s ability to hold off a broader counteroffensive could be compromised if it continued to send reinforcements to defend Bakhmut.Comparison: Zelensky acknowledged there was little left of Bakhmut. He said he saw echoes of Ukraine’s pain in images of the 1945 devastation in Hiroshima, where the summit was held.Other updates from the G7:F-16s: President Biden reversed course, agreeing to let Ukrainians be trained on the American-made jets. He told allies that he is prepared to approve other countries’ transferring the jets to Ukraine.China: The G7 countries said they would focus on “de-risking, not decoupling” from Beijing. Japan: Critics say the U.S. ambassador to Tokyo, Rahm Emanuel, is pushing too hard for gay rights.Pita Limjaroenrat, 42, greeted supporters during a parade last week.Lauren DeCicca for The New York TimesA political fight looms in ThailandPita Limjaroenrat recently stunned Thailand’s political establishment by leading his progressive Move Forward Party to a momentous victory in last week’s elections. He seems poised to become the next prime minister — unless the military blocks him.Pita needs 376 votes from the 500-member House of Representatives to overcome the military-appointed Senate. So far, he only has 314.Several senators have said they would not support a candidate like Pita, who threatens the status quo. Now, Thais are waiting to see if their choice will be allowed to lead or if he will be blocked, an outcome that could plunge the country into political chaos.Pita’s policies: He has promised to undo the military’s grip on Thai politics and revise a law that criminalizes criticism of the monarchy. He is pressing for a return to democracy after nine years of military rule that was preceded by a coup. He also wants to take a strong foreign policy stance.A complaint: The Election Commission said Pita failed to disclose that he owned shares of a now-defunct media company that he inherited from his father. Pita said he reported the shares.An Afghan migrant who collapsed in the Darién Gap.Federico Rios for The New York TimesThe Afghans at the U.S. borderFor thousands of Afghans, the U.S. withdrawal from Kabul was just the beginning of a long search for safety. Many fled to South America — joining the vast human tide of desperation pressing toward the U.S. — to try to enter a nation that they feel left them behind.Some had partnered with the West for years. They were lawyers, human rights advocates or members of the Afghan government. During their journeys to the U.S., nearly all of them are robbed or extorted, while some are kidnapped or jailed. “I helped these Americans,” a former Afghan Air Force intelligence officer said from a detention center in Texas, sometimes near tears. “I am not understanding why they are not helping me.”A dangerous journey: Since the beginning of 2022, some 3,600 Afghans have crossed the treacherous Darién Gap, which connects North and South America, according to data from Panama.Reporting: My colleagues traveled with a group of 54 Afghans through the Darién Gap.THE LATEST NEWSAsia PacificJoint Typhoon Warning CenterTyphoon Mawar could hit Guam as soon as Wednesday.Police in Australia are investigating why an officer used a Taser on a 95-year-old woman with dementia last week.Late last year, a couple in New York sheltered a South Korean tour group who got stuck in a blizzard in Buffalo. They recently reunited in Seoul.Around the WorldWarring groups in Sudan agreed to a seven-day cease-fire to begin today, the first truce to be signed by both sides.Greece’s governing party leads in the election. But initial results show that it does not have a majority, setting the stage for another vote within weeks.A stampede at a soccer stadium in El Salvador killed at least 12 people.U.S. NewsKevin McCarthy sounded more sanguine yesterday than before about the prospects for a deal.Patrick Semansky/Associated PressPresident Biden and Speaker Kevin McCarthy are planning to meet today to try to avert a looming debt default.Two Republicans are expected to enter the U.S. presidential race this week: Governor Ron DeSantis of Florida and Senator Tim Scott of South Carolina.A Morning ReadMany are drawn to Zibo for the crowds, a relief after Covid lockdowns.Qilai Shen for The New York TimesZibo, a once-obscure city in China’s Shandong Province, is suddenly overrun with tourists. They arrived after hearing about its distinctive barbecue style on social media.Lives lived: Martin Amis’s bleakly comic novels changed British fiction. He died at 73.SPOTLIGHT ON AFRICAA sketch from Sechaba Maape at the Architecture Biennale. Sechaba MaapeAfrican architecture on the cutting edgeThe Architecture Biennale that opened Saturday in Venice explores how cultures from Africa can shape the buildings of the future.For the first time, the exhibition will have a curator of African descent, Lesley Lokko, and more than half of the Biennale’s 89 participants are from Africa or the African diaspora.The work of Sechaba Maape, which is inspired by South Africa’s first nations and their connection to nature, is being shown in that country’s national pavilion. Globally, architecture has begun to trend toward biomimicry, in which the built environment emulates the natural one. African design, says Maape, has always done this through pattern and form. The response in Venice and on social media has been overwhelming, he said.“Architecture should be the thing that instead of separating us from our home, the Earth, should help us feel more mediated, more connected,” Maape told Lynsey Chutel, our Briefings writer in Johannesburg.PLAY, WATCH, EATWhat to CookChris Simpson for The New York Times. Food stylist: Maggie Ruggiero. Prop stylist: Sophia Pappas.A Rob Roy, which swaps out the rye for Scotch, is a muskier take on a classic manhattan.What to WatchIn “White Building,” a richly observed coming-of-age story from Cambodia, the tale of an apartment complex mirrors the country’s fraught recent history.What to Listen toHear new tracks by Bad Bunny, Sparks, Anohni and others in our weekly playlist.Where to GoSpend 36 hours in Buenos Aires.The News QuizTest your memory of last week’s headlines.Now Time to PlayPlay the Mini Crossword, and a clue: Furry aquatic mammal (five letters).Here are the Wordle and the Spelling Bee.You can find all our puzzles here.That’s it for today’s briefing. Lynsey Chutel wrote today’s Spotlight on Africa. See you tomorrow. — AmeliaP.S. Our sister newsletter, The Australia Letter, wants to hear from its readers.“The Daily” is about the darker side of James Webb, for whom a famous telescope is named.I’m always available at briefing@nytimes.com. More

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    Your Thursday Briefing: The G7 Begins

    Also, hot years ahead as global temperatures rise.President Biden leaving for Japan.Kenny Holston/The New York TimesWhat to watch at the G7The annual Group of 7 summit opens today in Hiroshima, Japan, where the leaders of the seven major industrial democracies will discuss how to keep the global economy stable. They will also focus on shoring up diplomatic relations at a time of great global uncertainty.“There will be two major issues on the agenda,” my colleague David Sanger said. “How to bring the Ukraine war to an end and how to deal with China.”But the most pressing potential threat, at least to the global economy, may be turmoil in the U.S. The country is two weeks away from running out of money to pay its bills, and a default would jolt its economy and those of the other G7 countries.To address the debt issue at home, President Biden, who is traveling to Japan to attend the summit, canceled the second part of his planned trip — skipping visits to Papua New Guinea and Australia. Fears of an unreliable and dysfunctional America will be revived in that region, analysts warn, where the U.S. has only recently started to rebuild trust and momentum.Papua New Guinea: It scrambled to mobilize 1,000 security officers and 17 other world leaders agreed to visit for just a few hours with Biden. Now, those plans have been scrapped.A hot day in Manhattan in 2016, which is currently the warmest year on record.Bryan Thomas for The New York TimesHeat is likely to soar in the next 5 yearsGlobal temperatures are likely to reach record highs over the next five years, a new analysis showed. Forecasters at the World Meteorological Organization said that human-caused warming and the climate pattern known as El Niño will almost certainly make 2023 to ’27 the warmest five-year period ever recorded.The higher temperatures could exacerbate the dangers from heat waves, wildfires, drought and other calamities, scientists say. Every fraction of a degree increase brings new risks. El Niño will very likely cause further turmoil by shifting precipitation patterns. The organization said it expected increased summer rainfall over the next five years in places like Northern Europe and the Sahel in sub-Saharan Africa and reduced rainfall in the Amazon and parts of Australia.Context: Many world leaders have insisted on the aspirational goal, set out in the Paris climate agreement, of holding global warming to 1.5 degrees Celsius. But nations have delayed making the monumental changes necessary to achieve this goal, and now scientists think that the world will probably exceed that threshold around the early 2030s.Indonesia’s plan to move its capitalJakarta, above, is sinking. So Joko Widodo, Indonesia’s president, is trying to build a new capital city, called Nusantara, from the ground up. It’s supposed to be a green and walkable beacon for other megacities in developing nations trying to confront climate change — and usher in a new national mood.“This is not physically moving the buildings,” Joko told my colleague, Hannah Beech, leading her on a tour through the construction site. “We want a new work ethic, new mind-set, new green economy.”The project is a daring attempt at what climate experts call a “managed retreat,” an engineered withdrawal of communities from vulnerable land. It’s also a test case for other similar megacities, which are struggling to negotiate rapid population growth and climate change.Challenges: Nusantara faces political opposition. It also may be behind schedule: Joko wants to inaugurate it next August, but not a single showcase structure has been completed.Why is Jakarta sinking? In part, deforestation and overcrowding. But also many residents have dug thousands of illegal wells to search for clean water, which has deflated the marshes under the city.THE LATEST NEWSAsia PacificChina fined a comedy studio about $2 million for a joke comparing the military to stray dogs.Taiwan’s opposition party nominated a moderate for president, an appeal to voters wary of Beijing.Timed to the G7 summit, some Japanese lawmakers are pushing for an L.G.B.T.Q. rights bill. Japan is the only G7 country that has not legalized same-sex unions.The War in UkraineEuropean countries are pressuring the U.S. to allow Ukraine to procure American-made F-16 fighter jets.Ukraine said its gains around Bakhmut were shifting the momentum.Ukraine and Russia have agreed to extend an agreement that allows Ukraine to ship grain across the Black Sea.Around the WorldPresident Guillermo Lasso, center, faces impeachment proceedings over accusations of embezzlement. Jose Jacome/EPA, via ShutterstockEcuador’s president, who used a constitutional measure that will allow him to rule by decree, disbanded the opposition-led congress.Prince Harry and his wife Meghan said they were chased by paparazzi. Officials characterized the event as less dramatic.State executions worldwide rose to the highest recorded number in five years in 2022, even as more countries moved to outlaw the death penalty.In the U.S., a handful of activists who no longer identify as transgender have become the faces of a Republican campaign to restrict gender transition care for minors.A Morning ReadThe writer Qian Julie Wang reviewed two memoirs that explore the many forms of hunger that come with being Asian in America: Fae Myenne Ng’s “Orphan Bachelors” and Jane Wong’s “Meet Me Tonight in Atlantic City.”The two books were written by second-generation Americans with ancestral roots in southern China. The authors have also known hungers of many kinds, inheriting their ancestors’ “insatiable” appetites — for food and water, but also for connection.ARTS AND IDEASA new theory of human evolutionFor a long time, scientists argued that modern humans arose from one place in Africa during one period in time. But a new analysis, based on the genomes of 290 people, rejects that theory, revealing a surprisingly complex origin story.The new research concludes that modern humans descended from at least two populations that coexisted in Africa for a million years. These groups later merged in several independent events.“There is no single birthplace,” said an expert who was not involved in the study. “It really puts a nail in the coffin of that idea.”PLAY, WATCH, EATWhat to CookAndrew Purcell for The New York TimesDrizzle honey or dust cinnamon on top of torrijas, a Spanish-style French toast.What to ReadMichael Lewis had a front-row seat to the implosion of FTX. His new book about it, “Going Infinite,” will be published in October.HealthI reported on a new trend in hydration, where the thirsty enthusiastically mix syrups and powders into tap water. But … is any of it even water?Now Time to PlayPlay the Mini Crossword, and a clue: Loaf around the kitchen (five letters).Here are the Wordle and the Spelling Bee.You can find all our puzzles here.That’s it for today’s briefing. See you tomorrow. — AmeliaP.S. The Times is introducing a new audio journalism app, New York Times Audio. It has exclusive shows, including “The Headlines,” a quick take on the day’s biggest news.“The Daily” is on Turkish politics.You can reach our team at briefing@nytimes.com. More