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The phrase "negative externalities" is correct and fully usable in written English.
This phrase is generally used to describe the unforeseen, unintended and often negative consequences of a decision or action. For example: "The negative externalities of the new factory's emissions include an increase in local air pollution."
Exact(60)
Driving always involves negative externalities.
What are the negative externalities of driving?
But polygamy may pose some negative externalities.
Economists call these effects negative externalities.
Economists talk about pricing negative externalities.
Positive externalities and negative externalities in services.
Positive externalities, negative externalities, and optimal scale.
Gun rights seem like a plain case of negative externalities.
Four types of negative externalities can be identified.
Positive and negative externalities: How big is too big?
We quantify these negative externalities using the life satisfaction approach.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com