Trump tariffs expected to dampen global economic growth, OECD says

U.S.-China trade friction is expected to undermine global economic growth as major nations remain mired in unresolved disputes, according to a report by the OECD. The U.S. alone could see GDP growth drop from 2.8% in 2024 to 1.6% in 2025 and further to 1.5% in 2026 if tariffs remain unchanged. Global growth forecasts for 2025 have been lowered to 2.9%, with only a slight reduction for 2026, while the broader impact of additional trade barriers or ongoing disputes is uncertain. The report highlights that Trump's tariffs now account for a 15.4% import tax burden, though challenges remain due to pending legal actions and geopolitical tensions.