Moody's sees escalation of U.S.-China trade war, dip in global growth
LONDON, Nov 8 (Reuters) - Credit rating agency Moody'swarned on Thursday that global economic growth was likely toslow in the next two years and that it expected the trade warbetween the United States and China to escalate further.
"We expect global growth to slow to under 3.0 percent in2019 and 2020, from an estimated 3.3 percent in 2017-18," theagency said in a new report.
It added that the recently imposed tariffs on $200 billionworth of Chinese goods were likely to rise to 25 percent inJanuary from their current 10 percent level.
"In both countries, the overall direct macro impact ongrowth will be manageable. However, persistent and broadeningtensions between the two largest economies globally areincreasingly likely to have widespread negative implications byundermining investment," Moody's said.
(Reporting by Marc Jones; editing by Helen Reid)
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