The OECD warns that Donald Trump's trade wars are critically harming the global economy, bringing growth forecasts down for the US, Canada, Mexico, and the UK. Recent higher levels of growth and success in reducing inflation are being threatened by escalating trade barriers and geopolitical uncertainty. The OECD cut its global growth forecast from 3.3% to 3.1% and indicated that increased trade restrictions would further impact living standards and economic activity, particularly as Mexico faces a potential recession due to planned tariffs on imports.
Donald Trump's trade wars are splintering the global economy, undermining recent economic growth, and posing significant risks to future global stability.
The OECD warned that rising trade barriers could lead to a deep recession in Mexico and stoked inflation across North America.
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