Global economy to slow as Donald Trump’s trade wars hit growth, OECD warns – business live

Rolling coverage of the latest economic and financial news, as OECD forecasts global growth will slow to 2.9% in 2025 and 2026UK will slump to 1% growth next year as Trump tariffs bite, says OECDUS firms say Trump trade war is hitting production as dollar nears three-year lowThe OECD also show how the United States’s effective tariff rate had risen to 15.4% by mid-May, up from just over 2% in 2024.That’s the highest rate since 1938, after the Great Depression, when the Smoot-Hawley Tariff Act had significantly raised tariffs on imported goods in the US, in a failed attempt to support domestic industry. Continue reading...

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