The International Monetary Fund upgraded the economic outlook for Europe, Japan and China this year. But the fund left its forecast for global growth unchanged from an April forecast, partly because the United States is unlikely to get much help from tax cuts and higher spending.

In a report out Monday, the IMF kept its expectation for worldwide economic growth at 3.5 percent this year. But it now forecasts 1.9 percent growth for the 19 countries that use the euro currency (up from 1.7 percent in April). The fund expects Japan to grow 1.3 percent (up from the previously expected 1.2 percent) and China to expand 6.7 percent (versus 6.6 percent).

The U.S. economy is expected to grow 2.1 percent, down from the 2.3 percent expected in April when hopes were higher for tax cuts. The Trump administration has vowed to restore U.S. growth to 3 percent a year through