The U.S. economic growth outlook — and even more so, Canada’s and Mexico’s — was lowered on Monday by the Organization for Economic Cooperation and Development due to policy uncertainty and the possible impact from tariffs.

"A series of recently announced trade policy measures will have implications for the economic outlook if sustained," the OECD said.

President Donald Trump's tariff hikes will drag down growth in Canada, Mexico and the United States while driving up inflation, the OECD forecast on Monday, cutting its global economic outlook and warning that a broader trade war would sap growth further.