The world economy is at a “pivotal juncture” as trade tensions flare, members of the IMF said in a draft statement after discussions that have been overshadowed by the trade war.

While prices will rise for everyone, lower-income families are expected to lose a larger portion of their budgets because they tend to spend more of their earnings on goods.

Hoegh Autoliners ASA, an Oslo, Norway-based car carrier, said that a plan to impose fees on foreign ships calling at U.S. ports could cost the company as much as $70 million.

Bendix Commercial Vehicle Systems is offering voluntary layoffs, citing a sharp slowdown in the trucking industry and economic pressures from tariffs.