The outlook for the U.S. economy this year isn’t so rosy anymore. Goldman Sachs Chief Economist Jan Hatzius cut his 2025 U.S. GDP growth forecast to 1.7%, pointing to the impact of tariffs on the economy and consumers.

U.S. President Donald Trump's decision to impose tariffs is part of a plan to "level the playing field" that he views as unfair, but the end result remains uncertain, Goldman Sachs chair and CEO David Solomon told a conference in Australia.