47th President of America As on January 20 this year, Donald Trump took over. As soon as President became President, Trump gave the slogan of America First and took many shocking decisions. Their major decisions included tariffs on countries around the world, starting production of companies inside the US, removal of migrants etc. These decisions led to the upheaval in the whole world. America also did not remain untouched. However, Trump said it is an early pen. It will have far -reaching effects and will return prosperity in America. But now the picture has started appearing exactly the opposite. Trump’s decisions are feared recession in the US. The speed of the US economy has started to dull. This poses a risk of increasing unemployment in the US.
America’s growth rate will decline a big decline
The Economic Cooperation and Development Organization (OECD) in its report on Tuesday said that the US economic growth rate would decrease to 1.6 percent this year, which was 2.8 percent last year. This organization works to promote international trade and prosperity and releases reports and analysis from time to time. The main reason for this is US President Donald Trump’s uncertain trade war disrupting global commerce, increase cost and affect businesses and consumers. According to the OECD, Trump’s policies have increased the average US fee rates to 15.4 percent, the highest since 1938. It was about 2.5 percent when he came to power for the second time. Duties increase costs for consumers and American manufacturers who depend on imported raw materials and parts.
The speed of global economy will also be sluggish
According to OECD forecast, this year the economic growth globally slowed down to only 2.9 percent and will remain at this level by 2026. This is much lower than an increase of 3.3 percent of the previous year and 3.4 percent of 2023. Paris -based Economic Cooperation and Development Organization has 38 country members. Let us tell you that the US economy has declined by 0.2 percent in the first quarter of January-March amidst President Donald Trump’s trade war. For the first time in three years, America’s GDP (GDP) has declined. The government released a second estimate on Thursday, which is somewhat better than its previous estimate. The decline in the growth of the first quarter came due to a huge increase in imports, as there was a hurry to bring foreign goods before the President implemented heavy import duty among companies in the US.
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