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Christine Lagarde. Photo: Carlos Tischler/NurPhoto via Getty Images

President Trump's unpredictability is "hurting" trade and his dispute with China is "going to give a big haircut" to the world economy, incoming European Central Bank president Christine Lagarde told CBS News' "60 Minutes" Sunday.

"The biggest key that President Trump has is in relation to predictability and, and certainty of the terms of trade. It's the unknown which is hurting, because you can't adjust to the unknown. So what do you do? You build buffers. You build savings. You wonder what comes next. That's not propitious to economic development. ... The United States is at risk of losing leadership."
— Lagarde to CBS News' "60 Minutes"

The big picture: The IMF, which Lagarde led until September, said last week it expects the world economy to grow 3% this year — the weakest pace since the 2008 global financial crisis. The IMF pointed to the U.S.-China trade war as being the biggest factor. It forecast the dispute would cost 0.8% in global GDP losses this year.

A tweet previously embedded here has been deleted or was tweeted from an account that has been suspended or deleted.

Go deeper: The ideal ECB president

Go deeper

Mike Allen, author of AM
51 mins ago - Economy & Business

First look: Business puts muscle behind Biden

Business Roundtable, the voice of America's top CEOs, today launched "Move the Needle," a campaign to support President Biden in rolling out COVID vaccines, increasing vaccine uptake and encouraging masks.

What they're saying: "Masks and vaccines are working. Now is the time to keep at it, overcome pandemic fatigue, and double down on the measures that will end this public health and economic crisis, said Business Roundtable president and CEO Josh Bolten.

1 hour ago - World

U.S. notified Israel in advance about Syria strike

Photo: Abir Sultan/POOL/AFP via Getty Images

The Biden administration notified Israel in advance about the airstrike against an Iranian-backed Shiite militia base on the Syrian-Iraqi border Thursday evening, Israeli officials told me.

Why it matters: The airstrike was the first overt military action by the U.S. in the Middle East since Biden assumed office, and one that Israeli officials see as a positive signal about the new administration's posture toward Iran.

The sovereign state of Facebook vs. the world

Illustration: Aïda Amer/Axios

Facebook's 3 billion monthly active users, its mountain of money and its control over the flow of information all put the company on an equal footing with governments around the world — and, increasingly, it's getting into fights with them.

Why it matters: Facebook's power alarms governments fearful that the tech giant could tilt the political scales inside their borders, and regulators around the world are seeking ways to rein the company in.