US Growth Likely To Slow To 1.6% This Year, Hobbled By Trump’s Trade Wars, OECD Says

WASHINGTON (AP) — U.S. economic growth will slow to 1.6% this year from 2.8% last year as President Donald Trump’s erratic trade wars disrupt global commerce, drive up costs and leave businesses and consumers paralyzed by uncertainty. World economic growth will slow to just 2.9% this year and stay there in 2026, according to the OECD’s forecast. It marks a substantial deceleration from growth of 3.3% global growth last year. Trump’s policies have raised average U.S. tariff rates to the highest since 1938, according to the OECD. Tariffs raise costs for consumers and American manufacturers that rely on imported raw materials and components.