The world economy will lose pace this year, hamstrung by uncertainty stemming from whipsawing U.S. trade policy, according to OECD forecasts.

Chicago Federal Reserve President Austan Goolsbee on Tuesday said higher inflation from U.S. import tariffs could become evident quickly, but he said it would take longer to see a tariff-induced economic slowdown.

U.S. economic growth is likely to "slow markedly" this year and next, due to tariffs and uncertainty under the Trump administration.