(Reuters) - The latest U.S. and Chinese round of planned tariffs on each other’s imports may reduce global economic growth by 0.15% and lower China’s gross domestic product by 0.5% and U.S. GDP by 0.25%, Societe Generale’s U.S. chief economist said on Monday.

“If the U.S. levies tariffs on all Chinese goods, and China retaliates, these losses could easily double. Confidence effects and financial market reactions also leave the balance of risks tilted to the downside,” Stephen Gallagher, the French bank’s U.S. chief economist, wrote in a research note.