The lack of details on President Donald Trump's plans to reform the US economy prompted the International Monetary Fund on Tuesday to cut its growth forecast for this year and next.

The IMF in January raised the estimates on the expectation of fiscal stimulus from the Trump administration, but have reverted back to previous calculations, which project the economy to expand by 2.1 percent in 2017 and 2018, down from 2.3 percent and 2.5 percent, respectively.