The world economy will take a significant hit over the next 18 months-and tariffs are a major culprit, according to newly released forecasting from the Organization for Economic Cooperation and Development (OECD).

The Organization for Economic Cooperation and Development revised down its 2025 growth forecasts for the U.S. and world economy, cutting its estimates to 2.9% and 1.6%, respectively.

Economic growth forecasts for the U.S. and globally were reportedly cut further by the Organisation for Economic Co-operation and Development (OECD)