"Despite these welcome developments, tariffs remain historically high," the IMF's chief economist said on Tuesday.

The International Monetary Fund (IMF) has predicted stronger global economic growth than it forecast in April in part due to some US tariffs on goods being softened. A surge in US imports as firms tried to beat impending higher import taxes and actions by some governments to boost growth bumped up its latest forecast.

The International Monetary Fund is upgrading the economic outlook for the world this year because President Donald Trump’s protectionist trade policies have so far proven less damaging than expected