Global finance leaders are expressing growing concerns about the potential implications of a second term for Donald Trump as the U.S. election draws near.

The German Finance Minister, Christian Lindner, has emphasized the negative consequences of a trade war between the U.S. and the EU, highlighting the fragile state of the global economy characterized by low growth and high debt.

Discussions at the recent International Monetary Fund and World Bank annual meetings in Washington were dominated by worries over Trump's increasing popularity in the polls, which has narrowed the gap with Democratic candidate Vice President Kamala Harris. Finance officials and central bankers have expressed fears that a Trump administration could disrupt the global financial system through significant tariff increases, increased debt issuance, and a rollback of climate change initiatives in favor of fossil fuel production.