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The global growth outlook faces rising threats from trade tensions and mounting debt despite a strengthening and “increasingly broad-based” expansion at the moment, according to a statement from world finance ministers and central bankers.

Trade tensions between the United States and China risk eroding business and investor confidence, even as global growth enjoys its best upswing in years.

U.S. President Donald Trump may hope his tariffs on imported steel and aluminum will create new jobs, or at least protect existing ones. Researchers at the Federal Reserve Bank of New York said the opposite outcome was more likely.

President Donald Trump has tweeted “trade wars are good, and easy to win. Don’t believe it, the president of the Canadian Chamber of Commerce told Tampa business and political leaders April 18.

The International Monetary Fund predicted the world economy’s strongest upswing since 2011 will continue for the next two years but warned the seeds of its demise already may have been planted.

The selloff in U.S. stocks deepened April 6 as the White House’s latest trade bluster rattled global financial markets.

Treasury Secretary Steven Mnuchin said there is “a level of risk” that the tariff dispute between the United States and China will erupt into a full-scale trade war, though he’s “cautiously optimistic” that the world’s two largest economies will resolve differences through negotiations.

Senior ministers from the three NAFTA countries are gathering in Washington amid growing signs of optimism that they could find common ground on the toughest issues.

President Donald Trump said the current trade spat with China may hurt the markets in the short term but that America will emerge stronger from it, as a confrontation that has roiled global equities heats up between the world’s largest economies.

Ford Motor Co., the largest producer of cars and trucks in the United States, remains concerned about major modifications to the North American Free Trade Agreement, even after President Donald Trump’s negotiators were said to have softened demands.