The International Monetary Fund cut its outlook for the American economy and said the U.S. probably won't meet President Donald Trump's target of 3% annual growth.

The IMF reduced its forecast for U.S. growth this year to 2.1%, from 2.3% in the fund's April update to its world economic outlook. It also cut its projection for U.S. growth next year to 2.1%, from 2.5% in April. The world's biggest economy is being held back by problems ranging from an aging population to low productivity growth, the fund said in its annual assessment of the U.S. economy released Tuesday.

The IMF's assessment casts doubt over a more optimistic forecast in the White House budget proposal, which projects growth will accelerate to 3% by 2020 and keep up that pace for seven more years. The Trump administration is counting on planned tax cuts, increased infrastructure spending and regulatory relief to boost expansion while balancing the budget.

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