The UK economy is expected to grow by 1.4% this year - down from April's prediction of 1.6% - while predicted growth for 2019 remains at 1.5%, a slowdown from 1.7% in 2017.
LCCI President Almas Hyder said government should start immediate consultation with the stakeholders as increase in dollar value would spoil trade and economic activities, besides hitting the common man.
"The forecast does not incorporate the impact of further tariffs on Chinese and other imports threatened by the United States, but not yet implemented, due to uncertainty about their exact magnitude, timing, and potential retaliatory response", according to the International Monetary Fund.
In a tweet, Mr Trump warned Beijing against seeking to influence the forthcoming United States midterm elections.
The IMF in its World Economic Outlook 2018 noted that "Nigeria's projected economic growth in the sub-Sahara Africa from 3.1 percent this year to 3.8 percent in 2019 is not enough to create the needed jobs for the growing population of the region".
In principle, there's nothing wrong with a slight deceleration in global growth. "Any sharp reversal for emerging markets would pose a significant threat to advanced economies, as emerging market and developing economies make up about 40% of world GDP".
Also on Tuesday, it projected that inflation in Nigeria would increase to 13.5 per cent next year. The IMF also warned the new government that growth would likely slow and inflation rise further if it does not act fast.
"We have to find a way to get out of this hard situation", Umar said.
Just a few days ago, the BSP, in a move widely anticipated by markets, made a decision to hike its main policy rates for the fourth consecutive meeting this year in an effort to pull down the stubbornly high prices in the country.
Maurice Obstfeld, the IMF Economic Counsellor, warned against the rising tide of protectionism, saying that without multilateralism "the world will be a poorer and more risky place". It also assumes that Trump imposes a 25 percent tariff on imported cars and auto parts.
India will continue to be the fastest-growing major economy as China's growth projection was retained by the International Monetary Fund at 6.6 per cent for FY19.
What about the United Kingdom and Brexit? It predicted China's GDP growth at 6.6% in 2018-'19 and downgraded it to 6.2% for 2019-'20.
Obstfeld said he was not concerned about the Chinese government's ability to defend its currency against further weakening but told a news conference that Beijing would face a "balancing act" between actions to shore up growth and ensuring financial stability.
It's not just the world's two most powerful economies that stand to be affected by trade policy. The move is speculated to have been pushed by authorities in response to the IMF's calls for a weaker exchange rate.
However, Chancellor Philip Hammond is still expected to borrow around £16bn in 2023 to plug the gap between tax revenues and public spending.