Goldman Sachs now expects the brewing trade war to have a bigger impact on the US economy than it previously forecast, saying fears that the dispute will cause a recession are growing.
The bank lowered its forecast for economic growth in the fourth quarter to 1.8 per cent quarter-over-quarter, down from 2 per cent, noting potential fallout across financial conditions, business investment and supply chains.
In a note to clients, chief economist Jan Hatzius said Goldman no longer believes a trade deal will materialise before the 2020 presidential election in the US.
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