President Trump’s tariffs will take a toll on economic growth, according to a new report (https://bit.ly/4dPqpuY ) from the international Organization for Economic Co-operation and Development (OECD). The group estimates that GDP growth in the U.S. will weaken from 2.8% in 2024 to 1.6% in 2025 and 1.5% in 2026. Global growth could decrease from 3.3% in 2024 to 2.9% in both 2025 and 2026. Trump has promised tariffs of 10% or higher for many countries and goods. The OECD states that the global economy faces major threats, including tariff uncertainty, falling consumer confidence and persistent inflation. It recommends that world leaders work quickly to resolve trade disagreements.
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