Trump’s 104% tariffs could cut down China’s GDP growth by 2.4 percentage points, warns Goldman Sachs
[ad_1] An aerial view of Xiasha Container Terminal on a canal in Hangzhou in east China's Zhejiang province (Pic credit: AP) US President Donald Trump's latest round of sweeping tariffs—now fully in effect—are expected to deliver a significant blow to China's economy, with Goldman Sachs warning that the 104 per cent total tariff on Chinese goods could slash Beijing's growth by 2.4 percentage points.China, which has set a 5 per cent growth target for the year, may fall short if the trade tensions intensify. Goldman Sachs is forecasting a lower 4.5 per cent growth, cautioning that risks to this outlook remain tilted to the downside.The stiff tariffs took full effect just after midnight on Wednesday, following Trump's April 2 announcement that nearly all US trading partners would face a minimum 10 per cent import tax—with far steeper rates for countries […]