Surging U.S. tariffs will weaken the global economy and push up inflation this year, according to projections to be released next week by the International Monetary Fund.

Rising trade tensions and sweeping shifts in the global trading system will trigger downward revisions of the IMF's economic forecasts but no global recession is expected, IMF Managing Director Kristalina Georgieva said on Thursday.

The head of the International Monetary Fund warned that the global economy will slow due to the US-led world trade “reboot,” but a recession isn’t in the forecast.