President Donald Trump’s sweeping tariff plan would cut deficits by $2.8 trillion over a 10-year period while shrinking the economy, raising the inflation rate and reducing the purchasing power of households overall.

Economic growth will slow this year and next as the trade war hampers development in the United States and around the world, the Organization for Economic Cooperation and Development said.

President Donald Trump’s turbulent tariff policy is projected to cause a sharper slowdown in economic growth in the United States and around the world than previously expected, the Organization for Economic Co-Operation and Development (OECD) found in a Tuesday report.