Welcome to the NewsHour. President Trump's trade wars are likely to slow down economic growth across the globe significantly this year.

That is the projection from the International Monetary Fund today,

estimating the U.S. economy will slow down by an entire percentage point compared to last year growing by just 1.8%.

Global growth was projected to slow by half of a percentage point.

Tariffs and uncertainty are rattling other important parts of the economy. The dollar has continued its slide, and investors are showing that they have new worries about Treasury bonds, often some of the safest investments.

But the U.S. markets rebounded substantially today.

That came after Treasury Secretary Scott Besant reportedly told investors that he believes

the trade war with China is unsustainable and hopes tariffs on both sides could be eased.

The Dow gained back more than 1,000 points or 2.6%. The NASDAQ jumped 2.7%, and the S&P 500 also gained about 2.5%.

And late today, President Trump suggested he was open to easing up on the trade wars with China.

I'm not going to say, oh, I'm going to play hard war with China.

I'm going to play hardball with you, President Xi.

No, no.

We're going to be very nice.

They're going to be very nice.

And we'll see what happens.

But ultimately, they have to make a deal because otherwise they're not going to be able to deal in the United States.

To help us understand the volatility in the markets,

let's turn now to longtime financial journalist and CNBC contributor.

Ron Insana, Ron, it's great to be able to draw on your insights on the day like today.

Thanks for being here.

I was hoping to get some insights from you, Jeff.

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