The Organisation for Economic Co-operation and Development (OECD) has warned that President Donald Trump’s trade wars are hindering global economic growth and increasing inflation. In its latest report, the OECD downgraded forecasts for the economies of the U.S., Canada, Mexico, the UK, and China for this year and next. The report emphasizes that escalating trade tensions, particularly Trump’s plan to impose significant tariffs on imports from Canada and Mexico, could worsen the situation, potentially pushing Mexico into a recession and substantially lowering growth expectations for Canada and the U.S. The OECD urges governments to collaborate to avoid increasing trade restrictions that would negatively affect living standards.
