The International Monetary Fund (IMF) revised down US Gross Domestic Product (GDP) in 2022 to grow from 3.7% to 2.9%. It also cut US economic growth forecast from 2.3% to 1.7% in 2023 and down to 0.8% in 2024.

After October last year, new COVID-19 variants, slow recovery of interruption of the supply chain, and high fuel and food prices caused by the Russia-Ukraine war drove the US’ inflation hit a 40-year record high.

Kristalina Georgieva, IMF Managing Director, said that the outlook of the US economy was highly uncertain. If the US can reduce import tariffs imposed over the past five years, including punitive duties on Chinese imports and global taxes on steel, aluminum, washing machines, and solar panels, it will benefit the US’s economy.