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[size=36]Goldman Sachs: Fears mount that China-US trade war could lead to recession[/size]
Economy | 09:40 - 12/08/2019
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Goldman Sachs said on Sunday that fears are growing that the trade war between the United States and China lead to a recession and that the bank no longer expects to reach a commercial agreement between the two largest economies in the world before the US presidential election in 2020 , the
bank said in a note sent to its customers , "We expect the entry into force Tariffs target the rest of the $ 300 billion US imports from China. ”
US President Donald Trump announced on August 1 that he would impose a 10 percent tariff on a final batch of $ 300 billion in Chinese imports on September 1, prompting China to stop buying US agricultural products.
The United States also announced that China was manipulating the currency. China denies manipulating the yuan to make competitive gains. The trade dispute revolves around issues such as tariffs, subsidies, technology, intellectual property and cyber security, among others. Goldman Sachs said it would cut its forecast for US growth in the fourth quarter by 20 basis points to 1.8 percent, a larger-than-expected impact of developments in trade tensions.
bank said in a note sent to its customers , "We expect the entry into force Tariffs target the rest of the $ 300 billion US imports from China. ”
US President Donald Trump announced on August 1 that he would impose a 10 percent tariff on a final batch of $ 300 billion in Chinese imports on September 1, prompting China to stop buying US agricultural products.
The United States also announced that China was manipulating the currency. China denies manipulating the yuan to make competitive gains. The trade dispute revolves around issues such as tariffs, subsidies, technology, intellectual property and cyber security, among others. Goldman Sachs said it would cut its forecast for US growth in the fourth quarter by 20 basis points to 1.8 percent, a larger-than-expected impact of developments in trade tensions.
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