New Trump trade war could knock two points off China’s GDP growth: Macquarie Group

Quick Summary:

Tariffs would also lower US GDP by 0.8 per cent and add 4.3 per cent to inflation by 2028 if China alone retaliates.

If the rest of the world also retaliates, the blow to growth would be greater, lowering US GDP by 1.3 per cent, but would add just 0.5 per cent to inflation because of the weakened US economy.

Exports have played a more significant role in boosting China’s economic growth since the pandemic, when overseas demand for goods surged and officials made efforts to ensure smooth production even during Covid-19 lockdowns.

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Article Details

Category: EconomyBusiness

Markets: SingaporeChinaUnited States

Topics: Demand Domestic Exports Tariffs According Cent Trump’s Growth Economy China Chinese

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-11-08 @ 11:05:00 (4 hours ago)

News Timezone: GMT +8:00

News Source URL: straitstimes.com

Language: English

Article Length: 673 words

Reading Time: 4 minutes read

Sentences: 25 lines

Sentence Length: 27 words per sentence (average)

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Copyright Owner: © The Straits Times

News ID: 23466778

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