The dollar dipped against safe havens and more risk sensitive currencies alike on Thursday as traders tried to work out where they stood after Wednesday’s dramatic tariff announcement from U.S. President Donald Trump, though China’s yuan slid.
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The full implementation of U.S. tariffs could cut developing Asia's growth by about a third of a percentage point this year and nearly a full percentage point in 2026, the Asian Development Bank said on Wednesday.
U.S. President Donald Trump said on Tuesday the United States is taking in $2 billion per day from tariffs.
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.