The International Monetary Fund again reduced its global economic growth forecast for 2019 on Tuesday, citing risks like increasing trade tensions and tighter monetary policy by the Federal Reserve.
div > div.group > p:first-child"> The fund said in expects the world economy to grow by 3.3% this year. That's down 0.4 percentage points from its previous outlook of 3.5%, which was also a downgrade. The IMF added it expects the economy to expand by 3.6% in 2020, however.
The USMCA was signed on Nov. 30, but has not received congressional approval yet and getting it through the legislative body will be tough for the administration. The deal has to get through the Democrat-controlled House and was criticized by Republican Sen. Chuck Grassley. The senator noted that tariffs on Mexican and Canadian goods should be waved off once a deal is ratified. Trump, however, has not indicated his willingness to do so.
The U.S. is also trying to strike a deal with China, its largest trade partner. China alone accounted for nearly 16% of U.S. global trade last year, Census data shows. But while negotiations between the two countries are still ongoing, the outlook seems promising. But failure to strike a deal would hurt the U.S. economically and would also derail the Chinese's efforts to reinvigorate its economy, the IMF warns. China's economy expanded by 6.6% in 2018, which was its slowest pace in nearly 30 years.
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