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

The U.S.-based International Monetary Fund says global economic growth will be better than expected despite a slowdown in the U.S. economy over fluctuating tariffs imposed by President Donald Trump.

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