I don't think there would be any negative effects
Any magntic interference from the moon would not come anywhere close to the strength of the solar wind which bombards the planet all day every day.
Earth would pass through the Moon's magnetotail & vice-versa, possibly giving rise to some interesting visual effects as charged particles are chanelled through one field and then into the other, you might see the aurora borealis a little further south on some nights. But the moon & earth in this case would be complementing each other by acting as additional barriers against the solar wind, further deflecting incoming particles - if anything it might actually be beneficial overall. Check this out:
https://scitechdaily.com/moon-shielding-was-critical-to-earths-ability-to-maintain-its-atmosphere/
It is possible that it could give rise to some radio interference which would necessitate redesigning some artificial satellites, but that's a technological hurdle which would be easily overcome.