The U.S. economy is projected to grow at a slower rate of 1.6% in the current year, down from 2.8% last year, heavily influenced by President Trump's trade wars. The OECD forecasts a further decline to 1.5% in 2026. Increased tariff rates, now averaging 15.4%, are raising costs for consumers and manufacturers alike. Globally, growth is expected to stagnate at 2.9%, a drop from 3.4% in previous years. While global trade has shown resilience, the unpredictability of trade policies and rising barriers greatly contribute to economic uncertainty.
The uncertainty created by increased trade barriers under the current administration has notably diminished both consumer and business confidence, which are crucial for investment and growth.
According to the OECD, U.S. tariff rates have spiked significantly to 15.4%, the highest levels witnessed since 1938, significantly altering trade dynamics.
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