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 has significantly downgraded its global economic outlook for the year ahead. The organization blamed trade disruption caused by President Donald Trump’s ongoing tariff war as a major factor in what looks to be the weakest expansion since the 2008 financial crisis.