California has slipped one notch in the bragging-rights totem pole to rank as the world’s fifth-largest economy in the latest update on global business output.

The IMF’s Kristalina Georgieva sees “exceptionally high” uncertainly persisting. Here’s her advice for nations navigating tricky economies.

Also in today’s newsletter, criminal case opened against prominent Kremlin critics and Jay Powell signals support for rate cut

US President Donald Trump and Chinese leader Xi Jinping’s latest tit-for-tat showdown has both countries claiming the ball is now in the other’s court, with the clock ticking toward another escalation in import tariffs.

Mr. Trump’s initial fury softened over the weekend, after his response led to the sharpest decline in stocks since April, when the president’s initial barrage of tariffs was announced. Still, his threat to slap an additional 100 percent tariff on Chinese imports was left dangling.

According to the report, advanced economies are expected to grow by 1.6 percent in 2025, while emerging market and developing economies are projected to grow by 4.2 percent -- both 0.1 percentage point higher than previously projected.

While much of the global debate on automation has focused on desk-based jobs, the report finds that frontier technologies are also revolutionizing hands-on sectors.