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Gopinath said trade was the biggest among these risks, which also include rising corporate and sovereign debt, stresses in some large emerging markets and a chaotic exit of Britain from the European Union.

But she said that a trade deal between the US and China had the potential to lift global growth if tariffs on Chinese and US goods are removed.

The Fund's latest forecasts assume that 25% tariffs on $50 billion worth of Chinese goods and 10% tariffs on $200 billion in Chinese goods remain in place.

US and Chinese negotiators are working to try to complete an agreement.

"If it turned out that all tariffs were lifted between China and the US that were put in place last year, then that would be a positive to the outlook," the IMF's economist said.

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