WASHINGTON (AP) — Global finance leaders face a major uncertainty as they meet in Washington next week: Who will win the U.S. presidential election and shape the policies of the world’s biggest economy?
Republican nominee former President Donald Trump and Democratic nominee Vice President Kamala Harris have spoken little about their plans for the International Monetary Fund and the World Bank. But their differing views on trade, tariffs and other economic issues will be on the minds of the finance leaders as they attend the financial institutions' annual meetings.
IMF Managing Director Kristalina Georgieva alluded to what’s at stake in a curtain-raiser speech Thursday ahead of the meetings.
Without naming Trump, she warned that “major players, driven by national security concerns, are increasingly resorting to industrial policy and protectionism, creating one trade restriction after another.”
She said trade “will not be the same engine of growth as before,” warning that trade restrictions are “like pouring cold water on an already-lukewarm world economy.”
Trump promises as president to impose a 60% tariff on all Chinese goods and a “universal’’ tariff of 10% or 20% on everything else that enters the United States, insisting that the cost of taxing imported goods is absorbed by the foreign countries that produce those goods.
However, mainstream economists say they actually amount to a tax on American consumers that would make the economy less efficient and send inflation surging in the United States.
Trump has also embraced isolationism and heavily criticized multilateral institutions. During his first term, he signed an executive order to withdraw from the Trans-Pacific Partnership trade deal, and replaced the North American Free Trade Agreement with the United States-Mexico-Canada Agreement. His administration blocked new appointments to the World Trade Organization appellate body as the terms of its judges expired, leaving the organization without a functional appellate body.
World Bank President Ajay Banga, who also made a speech Thursday previewing the meetings, spoke directly about the election in a question-and-answer session with reporters. He credited Trump for increasing investment in the International Bank for Reconstruction and Development during his presidency, which offers loans to middle-income developing countries.
“Then the question will be, how will the nuances of each administration be different,” Banga said. “I don't know yet so I'm not going to speculate on how to deal with them.”
Harris has not specified her views on the World Bank or IMF, though even as she has embraced some tariffs, is more likely to continue the Biden administration approach favoring international cooperation over threats, The Biden-Harris administration has not eliminated tariffs imposed on China during the Trump administration and in May also slapped major tariffs on Chinese electric vehicles, advanced batteries, solar cells, steel, aluminum and medical equipment.
Harris met Banga in June 2023 when he began his five-year term as World Bank president and released a statement then that “praised the steps taken to evolve the World Bank—including expanding its mission to include building resilience to global challenges like climate change, pandemics, fragility and conflict."
Georgieva who did not speak about the election directly in her speech, said: “We live in a mistrustful, fragmented world where national security has risen to the top of the list of concerns for many countries. This has happened before — but never in a time of such high economic co-dependence. My argument is that we must not allow this reality to become an excuse to do nothing to prevent a further fracturing of the global economy.”
FILE - The World Bank building is pictured in Washington, April 5, 2021. (AP Photo/Andrew Harnik, File)
Ryan Browne's first start went so well Purdue coach Ryan Walters is giving him another chance.
Only this time, Browne will step onto the national stage, trying to snap a five-game losing streak while derailing No. 2 Oregon's Big Ten title hopes and championship dreams. He might not even do it alone. But the message from Walters is clear: Just keep it going.
“I think the way he played it (at Illinois), it would be unfair not to (start him),” Walters said. “The things we saw during the game is what we were seeing during practice. Obviously, you don’t know what it’s going to look like until you get in live situations. I’m looking forward to watching his growth and maturation this week.”
Browne threw for 297 yards and three scores while rushing for 118 yards and rallying the Boilermakers (1-5, 0-3 Big Ten) from a 21-point halftime deficit to a late lead at then-No. 23 Illinois, only to lose 50-49 in overtime.
Still, Walters couldn’t pull the plug on a second-year player who gave his team some desperately needed momentum — even if he got the chance because opening day starter Hudson Card remained in the concussion protocol. Even if Card is cleared this week, Walters has hinted he may use some sort of quarterback rotation.
Why not, given what's at stake Friday night?
The Ducks (6-0, 3-0) are in a three-way tie atop the Big Ten, reveling in their highest ranking since the end of the 2014 season, leapfrogging Ohio State after holding on for a 32-31 victory over the then-No. 2 Buckeyes.
Clearly, the Ducks are looking past Purdue.
Yes, this might be a natural spot for an upset.
Oregon enters this weekend on a seven-game winning streak and with only one loss in its previous 14 games. It has topped the 30-point mark in five straight and faces the reeling Boilermakers, who scored 46 second-half points last weekend after scoring just 44 total in the previous four games combined.
So Oregon coach Dan Lanning is guarding against human nature — making a 2,200-mile trip on a short week following one of the biggest wins in program history.
“We’re always playing Oregon and (figuring out) how we can improve and how we can get better,” Lanning said. “I think our guys are certainly aware of other situations in college football. It’s what makes this sport so great and hard, is that you've got to go out there and earn it every Saturday, every single weekend, Friday this week.”
Two weeks ago, Walters fired offensive coordinator Graham Harrell and tabbed offensive analyst Jason Simmons to call plays. Then last week, Walters did it himself.
Walters had so much fun calling plays and proved so successful over the final 30 minutes — the Boilermakers' comeback attempt fell just short when they failed on a 2-point conversion — that he’s keeping the job.
“The week of the Wisconsin game I spent learning the vocab, the rules within the offense. I didn’t feel comfortable calling it that game," Walters said. "Got to midweek last week and felt like I had the vocab down enough to know what play I wanted to get to, so I just felt like me calling the game was going to give us the best opportunity to put points on the board.”
With the college football world tuning into last week's Ohio State-Oregon game, Ducks receiver Traeshon Holden found himself watching most of the final three quarters like everyone else — on television.
The Alabama transfer was ejected early in the second quarter for spitting on an opponent. While Holden apologized in a social media post Sunday for his actions, the ramifications didn't end there. Lanning said he was handling the discipline internally.
“There’s absolutely zero place for that in our program, zero place for that in football,” Lanning said, adding he had reached out to Buckeyes coach Ryan Day. “I know Traeshon’s extremely apologetic. He’s embarrassed. He realizes how wrong he was in that moment. There is some discipline that exists there, but I’m going to leave that for us internally to handle.”
Walters has built his coaching career on defense, and facing the Ducks certainly creates some challenges.
His top priority is trying to slow down Oregon's up-tempo offense, a seemingly impossible task.
“There hasn’t been anybody yet to figure that out, right?” Walters said. “We’ll have to be strategic offensively about wanting to play with pace but also understanding that possessing the football is at premium. Then on defense, we've got to be able to get off the field.”
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Illinois wide receiver Collin Dixon catches a pass from quarterback Luke Altmyer as Purdue defensive back Dillon Thieneman defends during the first half of an NCAA college football game Saturday, Oct. 12, 2024, in Champaign, Ill. (AP Photo/Charles Rex Arbogast)
Purdue defensive back Nyland Green (2) tips the ball away from Illinois wide receiver Pat Bryant during the second half of an NCAA college football game Saturday, Oct. 12, 2024, in Champaign, Ill. (AP Photo/Charles Rex Arbogast)
Purdue head coach Ryan Walters watches the video replay screen during the second half of an NCAA college football game against Illinois on Saturday, Oct. 12, 2024, in Champaign, Ill. (AP Photo/Charles Rex Arbogast)
Purdue quarterback Ryan Browne carries the ball during the first half of an NCAA college football game against Illinois on Saturday, Oct. 12, 2024, in Champaign, Ill. (AP Photo/Charles Rex Arbogast)
