IMF President Georgieva: Protectionism erodes productivity in the long term, especially adversely affecting small economies and hindering innovation. Increased uncertainty raises the risk of financial market pressures; the longer the uncertainty lasts, the higher the associated costs. The USA's actual tariff rates have skyrocketed to levels not seen in decades. The recent trend in the USA's treasury market should be seen as a warning; if financial conditions worsen, everyone will be affected.