President Trump's trade war is causing the global economy to slow, with growth now heading for its weakest pace since the COVID-19 pandemic, the OECD warned on Tuesday. The OECD cut its forecasts for most G20 economies and warned that easing trade tensions is key to boosting investment and keeping prices stable.

Economic growth will slow this year and next as the trade war hampers development in the United States and around the world, the Organization for Economic Cooperation and Development said.

The Trump administration has asked a federal appeals court to block an order last week that found the president's sweeping tariffs were "unlawful."

The U.S. Court of International Trade and others argue the authority to impose tariffs lies with Congress, rendering the tariffs imposed by President Donald Trump on April 2 illegal.