US tariffs hurting global economy: OECD report

United States President Donald Trump's trade tariffs are hurting the whole world's economy, the Organisation for Economic Co-operation and Development, or OECD, reported on Monday.

The 38-member intergovernmental organization that advocates for the market economy said in its latest Interim Economic Outlook that it had downgraded its global economic growth prediction, with global GDP growth set to slide from 3.2 percent in 2024 to 3.1 percent in 2025. The OECD said global GDP growth will likely slow further, to 3 percent, in 2026.

Before Trump's tariffs were announced, the OECD had predicted global GDP growth would hit 3.3 percent in both 2025 and 2026.