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US tariff rate on China now almost 70%

We’d already assumed substantial US tariffs on China in our forecasts. But the latest hikes take them even higher than we had anticipated. The economic hit to China will range between 0.5-1.0% of GDP depending on what happens to the exchange rate. China may be able reach a deal with the US to row back some tariffs. But we think it is likely that they will remain elevated.

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