Trump’s Tariffs Are Slowing Down US and Global Economic Growth: OECD
The post Trump’s Tariffs Are Slowing Down US and Global Economic Growth: OECD appeared on BitcoinEthereumNews.com. Topline Global economic growth is set to face a significant slowdown and the U.S. economy will be among the hardest hit, amid uncertainty around international trade over President Donald Trump’s sweeping tariffs, the Organization for Economic Cooperation and Development warned Tuesday. President Donald Trump’s sweeping tariffs have begun slowing down the global economy, with the U.S. … More projected to be among the worst hit. Getty Images Key Facts The OECD, an intergovernmental organization that includes 38 of the world’s top economies, released its latest economic outlook report, which projects global economic growth will drop from 3.3% in 2024 to 2.9% in 2025 and 2026. This is a downward revision from the OECD’s earlier projection of 3.1% growth in 2025 and 3.0% in 2026, released in March—which itself was a significant downward revision from December’s forecasts. The second downward revision of growth forecasts is a result of “rising trade costs” due to Trump’s sweeping tariffs, which the OECD says are “likely to fuel inflation.” The U.S. economy is set to be among the hardest hit, with growth dropping from 2.8% in 2024, to 1.6% and 1.5% in 2025 and 2026, respectively. Apart from the U.S., the OECD projects that most of the slowdown will be concentrated among Canada, Mexico, and China. China’s growth is projected to slow from 5% in 2024 to 4.3% in 2026, while Canadian and Mexican economic growth will drop from 1.5% for both in 2024 to 1.1% in 2025. Could A Tariff War Further Impact Growth? The OECD warned that further increases in tariffs by the U.S. government and retaliatory measures by trading partners could “intensify the growth slowdown and trigger significant disruptions in cross-border supply chains.” The report notes that more tariffs and retaliation could further roil financial markets, “prolong policy uncertainty” and “weaken global…
The post Trump’s Tariffs Are Slowing Down US and Global Economic Growth: OECD appeared on BitcoinEthereumNews.com.
Topline Global economic growth is set to face a significant slowdown and the U.S. economy will be among the hardest hit, amid uncertainty around international trade over President Donald Trump’s sweeping tariffs, the Organization for Economic Cooperation and Development warned Tuesday. President Donald Trump’s sweeping tariffs have begun slowing down the global economy, with the U.S. … More projected to be among the worst hit. Getty Images Key Facts The OECD, an intergovernmental organization that includes 38 of the world’s top economies, released its latest economic outlook report, which projects global economic growth will drop from 3.3% in 2024 to 2.9% in 2025 and 2026. This is a downward revision from the OECD’s earlier projection of 3.1% growth in 2025 and 3.0% in 2026, released in March—which itself was a significant downward revision from December’s forecasts. The second downward revision of growth forecasts is a result of “rising trade costs” due to Trump’s sweeping tariffs, which the OECD says are “likely to fuel inflation.” The U.S. economy is set to be among the hardest hit, with growth dropping from 2.8% in 2024, to 1.6% and 1.5% in 2025 and 2026, respectively. Apart from the U.S., the OECD projects that most of the slowdown will be concentrated among Canada, Mexico, and China. China’s growth is projected to slow from 5% in 2024 to 4.3% in 2026, while Canadian and Mexican economic growth will drop from 1.5% for both in 2024 to 1.1% in 2025. Could A Tariff War Further Impact Growth? The OECD warned that further increases in tariffs by the U.S. government and retaliatory measures by trading partners could “intensify the growth slowdown and trigger significant disruptions in cross-border supply chains.” The report notes that more tariffs and retaliation could further roil financial markets, “prolong policy uncertainty” and “weaken global…
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