Trump’s tariffs are forecast to slow the global economy sharply this year, the International Monetary Fund said.

Trump placed tariffs totaling 145% on China, leading China to retaliate with tariffs of 125% on the U.S. — essentially triggering a trade war between the world’s two largest economies with the potential to bring on a recession.

“The global economic system under which most countries have operated for the last 80 years is being reset, ushering the world into a new era,” the financial agency wrote in a blog post. The IMF noted the flurry of tariffs Trump has levied or threatened against hundreds of countries and major trade partners.