WASHINGTON - Tariffs imposed or threatened by the United States and China could shave 0.8 per cent off global economic output in 2020 and trigger more losses in future years, the International Monetary Fund said on Thursday .
World economic activity remained subdued, with trade and geopolitical tensions causing uncertainty and eroding business confidence, investment and trade, he said. That forecast is more gloomy than one earlier this year, when the IMF said tariffs already imposed and those planned could shave 0.5 per cent off global economic output in 2020.
Hamrick said the IMF assessment could fuel concerns about a US recession after 11 years of expansion. Economists polled by Bankrate see a 41 per cent chance of a recession by the time of the November 2020 presidential election, he said.
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