Fears of a recession caused by the trade war is growing, economists say. Photo: Bloomberg
US-China trade war takes heavier toll than expected, could wreak biggest havoc in fourth quarter, investment banks say
- Uncertainty over future policy may lead to lower capital expenditures as businesses await a resolution of trade war, Goldman Sachs said
- US economy faces rising fears of a recession, Goldman Sachs said, cutting fourth-quarter growth forecast for US by 0.2 percentage point to 1.8 per cent
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US-China trade war
Fears of a recession caused by the trade war is growing, economists say. Photo: Bloomberg
Workers transport soil containing rare earth elements for export at a port in Lianyungang in Jiangsu province on October 31, 2010. Photo: REUTERS
China’s rare earth producers say they are ready to weaponise their supply stranglehold, pass any tariff as cost to US customers
- The Association of China Rare Earth Industry, which represents almost 300 miners, processors and manufacturers, issued a statement yesterday, citing an August 5 meeting
- “US consumers must shoulder the cost from US-imposed tariffs,” the association said
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Rare earth element
Workers transport soil containing rare earth elements for export at a port in Lianyungang in Jiangsu province on October 31, 2010. Photo: REUTERS