Economic organisation downgrades forecasts for growth in UK as well as US, Canada and Mexico due to tariffsBusiness live – latest updatesDonald Trump’s trade wars are splintering the global economy and unpicking progress made to reboot growth and tackle inflation, the Organisation for Economic Co-operation and Development (OECD) has warned.In its latest update on the health of the world economy, the leading Paris-based institution downgraded the prospects for global growth this year and next, including a sharp hit to activity in the US, Canada and Mexico. Continue reading...
The OECD reports that Trump's trade policies are slowing global growth, fueling inflation, and fragmenting the global economy. They downgraded growth forecasts for the UK, US, Canada, and Mexico due to tariffs, with Mexico potentially facing a recession. Increased trade barriers and geopolitical uncertainty are undermining recent economic progress. The OECD projects further damage to the world economy if trade tensions escalate, particularly with blanket tariffs on US imports.
