The OECD has drastically reduced its forecast for US economic growth in 2025 from 2.8% to 1.6%, attributing the decline to President Trump's trade tariffs that have raised the US import rate to the highest it's been since 1938. The organization's Economic Outlook also indicates a broader slowdown in global growth, projected at 2.9% for 2025 and 2026, influenced by diminishing growth in major economies such as Canada, Mexico, and China. These tariffs are harming investments, disrupting supply chains, and fueling inflation.
The OECD noted that trade tensions resulting from tariffs were disruptive to global investments and were a significant factor in slowing both US and global economic growth.
Amid rising inflation and the highest import rates since 1938, the OECD emphasized the need for open markets to withstand the adverse effects of tariffs.
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