A worker walks past second-hand robots in a factory in Shanghai, August 21, 2015. REUTERS/Aly Song
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Factory growth stuttered across the world in July, heightening concerns about the global economic outlook as an intensifying trade conflict between the United States and China sent shudders through trading partners.Last month, China and the United States imposed tit-for-tat tariffs on $34 billion of each other's goods and another round of tariffs on $16 billion is expected in August.Morgan Stanley analysts estimate an 81-basis-point impact on global growth in a scenario of 25 percent tariff hikes across all imports from China and Europe, with U.S. growth slowing by 1 percentage point and China's by 1.5 points.In the United States, growth is expected to cool slightly, but remain strong enough for the Federal Reserve to stay on track for two rate hikes this year, even if it is likely to hold rates steady this weekIHS Markit's July final eurozone manufacturing Purchasing Managers' Index only nudged up to 55.1 from June's 18-month low of 54.9, unchanged from an initial reading and comfortably above the 50 level separating growth from contraction.South Korea's exports showed slower-than-expected growth.
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