The World Bank says tariffs will hurt global growth, estimating that the trade war will shave almost half a percentage point from world GDP growth this year.

The U.S. economy, which is the largest one in the world, is predicted to grow half as fast in 2025 than it did in 2024, with a drop from 2.8 percent growth to 1.4 percent growth, according to the report.

The World Bank's chief economist warned that ‘without a swift course correction, the harm to living standards could be deep.’