The U.S. economy will grow 1.8% this year, the IMF said in its World Economic Outlook, down .9% from January and a full percentage point from last year's projection. The global institution does not expect the U.S. to dip into a recession, but said the odds now have risen from 25% to 37%.

Analysts at the International Monetary Fund said trade fights will take a big chunk out of the U.S. and global economies this year the longer they drag on.

The International Monetary Fund on Tuesday slashed its forecasts for growth in the United States, China and most countries, citing the impact of U.S. tariffs now at 100-year highs, and warning that further trade tensions would slow growth further.