Economics
How Goldman Sees a Trump Trade War Hurting U.S.-China GDP Growth
- China expansion could decrease by 1 percentage point, Ha says
- Beijing likely to retaliate if Trump imposes punitive tariffs
Winners and Losers in a U.S.-China Trade War
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Goldman Sachs Group Inc. analysts are looking at how a trade war between the U.S. and China would hurt growth in the world’s biggest economies, and the outlook isn’t pretty.
If President Donald Trump imposes punitive tariffs against China of up to 10 percent, the country’s exports to the U.S. will fall as much as 25 percent, Ha Jiming, a China vice chairman at Goldman in Hong Kong, said in an article published by China Finance 40 Forum, a non-government research organization. Under that scenario, the Asian nation’s annual economic growth would decrease by as much as 1 percentage point, he wrote.