TS Lombard with the note. Trump delivered on campaign promises applying a 54% (34% “reciprocal” and 20% fentanyl) tariff rate to imports from China. The move could impact 1.5-2ppt of China GDP in 2025. How does China respond? Strong fiscal, moderate monetary, passive retaliation–for now. We downgrade our growth forecast by 20bps to 4.5% (always
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