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Fitch: De-escalation in US-CN Tariff War Doesn't Signify Trade Normalization
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While the immense reduction of tariffs between China and the US for 90 days appears to be a major de-escalation in their trade war, ratings agency Fitch stressed that in the absence of a sustained agreement, uncertainty over the final tariff rates and the impact of tariffs will remain key factors in macroeconomic forecasts. If tensions between the US and China continue to ease, Fitch estimated that there could be room to revise up the current global economic growth forecast of 1.9% for this year. To Fitch, the US-China agreement does not mean the trade war is over. Meanwhile, the impact of the trade war has manifested itself clearly on the economy, as the effective US tariff rate on China remains the highest among all US trading partners at an estimated 31.8%. AASTOCKS Financial News Website: www.aastocks.com |
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