The escalating trade war between China and the US will cause more pain to the US, and it also weighs on the global economic outlook, according to economic data and analysts. 

Several multilateral institutions including the World Bank and IMF have pointed out that the global economy is cooling faster than expected as trade tensions grow. Considering the different impact of increased tariffs on Chinese products, the US first targeted Chinese goods worth $50 billion, which had limited impact on its economy, Li Xuesong, a research fellow at Institute of Industrial Economics of Chinese Academy of Social Sciences, told a conference Wednesday. 

"If the US insists on imposing more tariffs on Chinese goods, the harm to the US economy will become more tangible," he said. 

In 2019, the US and eurozone will see faster declines in economic growth than China and Japan, the analyst said, citing an IMF forecast. 

The US economy will be resilient to the escalating trade war in the short term, but it may fall into recession in the long term, which also will be reflected in its capital market.