8/12/2019, 4:08 PM (Source: TeleTrader)
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Moody's: New China tariffs will have negative impact

New tariffs the United States plans to impose on China starting from September 1 will have an overall negative trade impact and will harm growth in both economies, Moody's said on Monday. According to the credit rating agency's estimates, growth in China in 2020 is expected to come in below the initially forecast 6% and in the US it is seen below the previously expected 1.7%.

Furthermore, Moody's added that it expects retaliatory measures from China over the new US tariffs and pointed out that, ever since the US labeled China a currency manipulator, tensions and risks increased.

Markets in the US suffered significant drops earlier this month when the US announced its plan to introduce new China tariffs.

Baha Breaking News (BBN) / VP