(Bloomberg) -- Donald Trump may already be influencing the economic agenda in China, according to Goldman Sachs Group Inc. Most Read from BloombergWhat...
Officials in Beijing are likely holding fiscal largesse in reserve until they really need it to withstand blowback from a potential Trump presidency on the world’s second-largest economy, Andrew Tilton , Goldman’s chief economist for Asia Pacific , said in a Bloomberg interview Tuesday.One “reason why they’ve been cautious on doing a lot of fiscal stimulus or demand-side stimulus is just that there is the risk of Trump,” he said.
But policymakers may be opting for fiscal restraint now because those tools could become less effective in the future when needed to counteract a tariff hit. China’s overall government expenditure fell almost 3% in the first half of the year from 2023. Goldman expects another similar-sized cut in the fourth quarter, as officials aim for “potentially a little bit looser macro policy over the next few months” to achieve the roughly 5% growth target this year, he said.
The US dollar would strengthen more under Trump on expectations of bigger fiscal support, which means continued currency pressure across Asia, he said.SES Space & Defense Awarded U.S. Army’s SATCOM as a Managed Service Pilot Contract Monday was recorded as the hottest day ever, beating a record set the day before, as countries across the globe from Japan to Bolivia to the United States continue to feel the heat, according to the European climate change service. Provisional satellite data published by Copernicus early on Wednesday showed that Monday broke the previous day's record by 0.06 degrees Celsius . Climate scientists say the world is now as warm as it was 125,000 years ago because of human-caused climate change.
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