The dampened outlook for the U.S. mirrors a slowdown expected for the global economy, the OECD said, predicting global economic growth to fall from 3.4% in 2024 to 2.9% in 2025.

It's too soon to know if a recent ruling by a U.S. appeals court will reduce the size and number of tariffs imposed by the Trump administration. The Court of International Trade ruled May 28 that many of the administration's tariffs — those imposed under the International Emergency Economic Powers Act — are improper and illegal because there is no emergency.