The World Bank has significantly downgraded its global economic outlook for the year ahead. The organization blamed trade disruption caused by President Donald Trump’s ongoing tariff war as a major factor in what looks to be the weakest expansion since the 2008 financial crisis.

The World Bank has slashed its global growth forecast, warning that President Trump’s tariffs and the resulting political uncertainty are dragging the world economy to its weakest non-recessionary pace since 2008.

U.S. and Chinese negotiators agreed to try again to implement the trade war truce that had collapsed after it was reached during an earlier round of talks in Geneva.