USA - IMF Managing Director Christine Lagarde said the risks to the global economy are rising as major industrial nations sharpen threats of a trade war. “The clouds on the horizon that we have signaled about six months ago are getting darker by the day - and, I was going to say, by the weekend,” Lagarde said at a news conference in Berlin on Monday. Her remarks follow a chaotic two-day meeting of the Group of Seven in which President Donald Trump shocked fellow leaders with his disregard for US allies. Lagarde’s concerns were echoed by World Trade Organization Director-General Roberto Azevedo, who said growing trade frictions could cause serious damage to the world economy.