Chief economist of the International Monetary Fund (IMF) Pierre-Olivier Gourinchas speaks during an AFP interview at the IMF Headquarters in Washington, DC, on June 26, 2026. While the global economy has faced a succession of shocks and is seeing a rewriting of its biggest trade relationship, globalization is not dead -- it is simply being "transformed," the International Monetary Fund's chief economist told AFP in an exclusive interview on Friday. (Photo by SAUL LOEB / AFP via Getty Images)

Chief economist of the International Monetary Fund (IMF) Pierre-Olivier Gourinchas speaks during an AFP interview at the IMF Headquarters in Washington, DC, on June 26, 2026. While the global economy has faced a succession of shocks and is seeing a rewriting of its biggest trade relationship, globalization is not dead -- it is simply being "transformed," the International Monetary Fund's chief economist told AFP in an exclusive interview on Friday. (Photo by SAUL LOEB / AFP via Getty Images)

Chief economist of the International Monetary Fund (IMF) Pierre-Olivier Gourinchas speaks during an AFP interview at the IMF Headquarters in Washington, DC, on June 26, 2026. While the global economy has faced a succession of shocks and is seeing a rewriting of its biggest trade relationship, globalization is not dead -- it is simply being "transformed," the International Monetary Fund's chief economist told AFP in an exclusive interview on Friday. (Photo by SAUL LOEB / AFP via Getty Images)

Chief economist of the International Monetary Fund (IMF) Pierre-Olivier Gourinchas speaks during an AFP interview at the IMF Headquarters in Washington, DC, on June 26, 2026. While the global economy has faced a succession of shocks and is seeing a rewriting of its biggest trade relationship, globalization is not dead -- it is simply being "transformed," the International Monetary Fund's chief economist told AFP in an exclusive interview on Friday. (Photo by SAUL LOEB / AFP via Getty Images)

NAPA, CALIFORNIA - JUNE 25: Imran Amed, Founder & CEO, The Business of Fashion speaks onstage during The Business of Beauty Global Forum 2026 at Stanly Ranch on June 25, 2026 in Napa, California. (Photo by Monica Schipper/Getty Images for The Business of Fashion)

NAPA, CALIFORNIA - JUNE 25: (L-R) Imran Amed, Founder & CEO, The Business of Fashion, and S. Jay Olshansky attend The Business of Beauty Global Forum 2026 at Stanly Ranch on June 25, 2026 in Napa, California. (Photo by Monica Schipper/Getty Images for The Business of Fashion)

NAPA, CALIFORNIA - JUNE 25: Andrew Dahling speaks onstage during The Business of Beauty Global Forum 2026 at Stanly Ranch on June 25, 2026 in Napa, California. (Photo by Frazer Harrison/Getty Images for the Business of Fashion )

NAPA, CALIFORNIA - JUNE 25: Chriselle Lim speaks onstage during The Business of Beauty Global Forum 2026 at Stanly Ranch on June 25, 2026 in Napa, California. (Photo by Monica Schipper/Getty Images for The Business of Fashion)