Continued tariff escalation between the United States and China presents a downside risk to a 2025 full-year real GDP forecast of 4.5% for China, Goldman Sachs said in a note.
Asian stock tumbled on Wednesday after temporary relief in the previous season, as U.S. President Donald Trump escalated global trade tensions by increasing tariffs on China to a whopping 104%.
U.S. President Donald Trump’s reciprocal trade tariffs on major U.S. trading partners took effect from midnight, eastern time, on Wednesday, marking an escalation in a brewing trade war between the world’s biggest economies.
Most Asian currencies advanced slightly on Wednesday, while the Chinese yuan reached its weakest level in more than 17 years after U.S. President Donald Trump hiked his tariffs against Beijing.
Oil prices fell sharply to an over four-year low in Asian trade on Wednesday as signs of a rapidly escalating U.S.-China trade war sparked heightened concerns over a recession and weaker demand.
Chicago Federal Reserve Bank President Austan Goolsbee on Monday said businesses are anxious about U.S. President Donald Trump's tariffs but that the central bank would need to look at "hard data" in its policy response.