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Lagarde from Riyadh: Global Economy Growing at a Better Pace

International Monetary Fund chief Christine Lagarde attends the Future Investment Initiative conference in Riyadh, Saudi Arabia, on Tuesday. (Reuters)
International Monetary Fund chief Christine Lagarde attends the Future Investment Initiative conference in Riyadh, Saudi Arabia, on Tuesday. (Reuters)
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Lagarde from Riyadh: Global Economy Growing at a Better Pace

International Monetary Fund chief Christine Lagarde attends the Future Investment Initiative conference in Riyadh, Saudi Arabia, on Tuesday. (Reuters)
International Monetary Fund chief Christine Lagarde attends the Future Investment Initiative conference in Riyadh, Saudi Arabia, on Tuesday. (Reuters)

International Monetary Fund (IMF) chief Christine Lagarde said on Tuesday that the global economy is growing and forecasts point to a growth of 3.7 percent.

She announced during the Riyadh-hosted Future Investment Initiative that some economies are progressing steadily and exiting a tough stage.

Saudi Crown Prince Mohammed bin Salman met Lagarde to discuss possible coordination between the kingdom and IMF and to exchange opinions on mutual topics.

She stated that investments are increasing, stressing that some pivotal decisions must be taken during the next 50 years.

Lagarde noted that changes are not related to demographics or population because 50 years from now society will change and emerging economies and markets will appear in Asia and Africa. Currently, it is necessary to address two topics.

The first is climate change while the second is inequality. The IMF chief flagged imbalances between men and women, applauding however, recent positive developments in the Kingdom in this regard.

She added that the planet will face a dark future in 50 years if no procedures were taken towards climate change and growing global inequality.

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EU to Keep US Trade Countermeasures on Hold Until August

European Commission President Ursula von der Leyen speaks during a joint press conference with Indonesian President Prabowo Subianto (not pictured) at the European Commission in Brussels, Belgium, 13 July 2025. EPA/OLIVIER MATTHYS
European Commission President Ursula von der Leyen speaks during a joint press conference with Indonesian President Prabowo Subianto (not pictured) at the European Commission in Brussels, Belgium, 13 July 2025. EPA/OLIVIER MATTHYS
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EU to Keep US Trade Countermeasures on Hold Until August

European Commission President Ursula von der Leyen speaks during a joint press conference with Indonesian President Prabowo Subianto (not pictured) at the European Commission in Brussels, Belgium, 13 July 2025. EPA/OLIVIER MATTHYS
European Commission President Ursula von der Leyen speaks during a joint press conference with Indonesian President Prabowo Subianto (not pictured) at the European Commission in Brussels, Belgium, 13 July 2025. EPA/OLIVIER MATTHYS

The EU will extend its suspension of countermeasures to US tariffs until early August as it aims for a negotiated solution on trade with the United States, European Commission President Ursula von der Leyen said on Sunday.

US President Donald Trump escalated his global trade war on Saturday and threatened to impose a 30% tariff on imports from the European Union from Aug. 1, separate from sector-specific duties, despite months of intense talks.

Announcing the extension of the halt on retaliatory measures, von der Leyen told reporters the bloc would "continue to prepare further countermeasures so we are fully prepared."

A first package of countermeasures to US tariffs on steel and aluminium that would hit 21 billion euros ($24.6 billion) in US goods was suspended in April for 90 days to allow time for negotiations.

The suspension had been due to expire on Monday.

A second package has been in the works since May and would target 72 billion euros of US goods, but these measures have not yet been made public and the final list requires approval by member states.

Von der Leyen added that use of the EU's Anti-Coercion Instrument was not yet on the table.

"The (anti-coercion) instrument is created for extraordinary situations, we are not there yet," Reuters quoted her as saying.

The instrument allows the bloc to retaliate against third countries that put economic pressure on EU members to change their policies.

Possible retaliatory steps could include restricting EU market access to goods and services, and other economic measures related to areas including foreign direct investment, financial markets and export controls.