The largest US banks are threatened by a recession because of the dispute with China
13:09 - 12/08/2019
Information / Baghdad ..
Goldman Sachs says there is growing concern that a trade war between the United States and China could lead to a recession and that the bank no longer expects a trade deal between the world's two largest economies before the US presidential election in 2020.
The bank said in a note sent to customers: "We expect tariffs to apply to the rest of US imports from China, which amounted to 300 billion dollars."
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 for competitive gains. The trade dispute revolves around issues such as tariffs, subsidies, technology, intellectual property and cybersecurity, 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 in a larger-than-expected impact of developments in trade tensions. Done / 25