The OECD notes that Trump's policies have raised average US tariff rates from around 2.5 per cent when he returned to the White House to 15.4 per cent, highest since 1938

Australia's central bank said on Tuesday that higher U.S. tariffs would drag on the global economy and put near-term downward pressures on prices of traded goods, though the exact impact is hard to assess given the policy uncertainties.

Donald Trump’s combative trade policies have tipped the world economy into a downturn clouded in heightened uncertainty, with the US among the hardest hit, the OECD said.