J.P. Morgan is getting less optimistic about the trade conflict between the U.S. and China.

The firm lowered its rating for Chinese equities to neutral from overweight, predicting the escalating trade war between the countries will affect China’s economy next year.

“A full-blown trade war becomes our new base case scenario for 2019,” emerging market strategist Pedro Martins Junior said in a note to clients Wednesday. “There is no clear sign of mitigating confrontation between China and the US in the near term.”

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