Moody’s sees escalation of U.S.-China trade war, dip in global growth
LONDON, Nov 8 (Reuters) - Credit rating agency Moody’s
warned on Thursday that global economic growth was likely to
slow in the next two years and that it expected the trade war
between the United States and China to escalate further.
"We expect global growth to slow to under 3.0 percent in
2019 and 2020, from an estimated 3.3 percent in 2017-18," the
agency said in a new report.
It added that the recently imposed tariffs on $200 billion
worth of Chinese goods were likely to rise to 25 percent in
January from their current 10 percent level.
"In both countries, the overall direct macro impact on
growth will be manageable. However, persistent and broadening
tensions between the two largest economies globally are
increasingly likely to have widespread negative implications by
undermining investment," Moody's said.
(Reporting by Marc Jones; editing by Helen Reid)
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