Goldman Sachs economists say fears rise that US-China trade war leading to recession
Updated : August 12, 2019 08:31 AM IST
US President Donald Trump announced on Aug. 1 that he would impose a 10% tariff on a final $300 billion worth of Chinese imports on Sept. 1, prompting China to halt purchases of US agricultural products.
The year-long trade dispute has revolved around issues such as tariffs, subsidies, technology, intellectual property, and cybersecurity, among others.
Goldman Sachs said it lowered its fourth-quarter US growth forecast by 20 basis points to 1.8 percent on a larger than expected impact from the developments in the trade tensions.
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