President Donald Trump’s trade war will wreak greater economic damage than previously expected, both in the United States and everywhere else, according to new forecasts by the Organisation for Economic Co-operation and Development.

The research group expects the Fed to remain on hold this year, as the economy is hamstrung by uncertainty over whipsawing U.S. trade policy, according to the OECD.

President Donald Trump’s turbulent tariffs are projected to cause a sharper slowdown in economic growth in the U.S. than expected.