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

The International Monetary Fund released its world economic outlook which cut the economic growth forecast for the U.S. due to trade tensions and policy uncertainty.

"If sustained, this abrupt increase in tariffs and attendant uncertainty will significantly slow global growth," the IMF wrote.