Global finance leaders came to Washington this past week seeking clarity on what it would take to get some relief from President Donald Trump's multi-layered tariff assault and on just how much pain it will bring to the world economy.

The head of the International Monetary Fund stood by the group’s contrarian view that the U.S. and the global economy aren’t on track for a recession, but stressed the toll of uncertainty and the need for swift resolution of trade disputes.

The International Monetary Fund said Asian central banks generally have room to lower interest rates to support domestic demand and offset the impact of the escalating global trade war, with the region in much stronger shape than before the Asian financial crisis.