Donald Trump's tariffs are now expected to cause an economic slowdown around the world, including in New Zealand's two largest export markets

The International Monetary Fund has slashed its global growth forecasts for this year and next.

It says the hardest hit advanced economy will be the US, where growth's expected to be low and there's an increased risk of recession.

But Westpac Chief Economist Kelly Eckhold says China is also forecast to face lower-than-expected growth.