Fitch: White House has started a global trade war that will reduce US and world growth

Fitch is out with a note on global growth:

• The new US administration has started a global trade war that will reduce US and world growth
• Cuts 2025 US GDP growth forecast to 1.7% from 2.1%
• Cuts 2026 US GDP growth forecast to 1.5% from 1.7%
• Mexico and Canada will experience technical recessions
• World growth to 2.3% from 2.6% in December estimate
• Fiscal easing in China and Germany will cushion the impact of higher US import tariffs, but growth in the eurozone this year will still be a lot weaker than forecast in the December GEO