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Major stock indexes in Asia plummeted following the implementation of President Trump's 104% tariffs on China, triggering fears of a recession and a sell-off in Treasuries. The US dollar weakened against safe-haven currencies, while the yuan hovered near its lowest level since 2007. Analysts warn that the escalating trade war could significantly impact the global economy, with JPMorgan estimating a $400 billion tax hike on US households and businesses due to the tariffs.
China's parliament standing committee is reviewing a proposal to increase the local government debt limit, aimed at replacing hidden debt, as local authorities face financial struggles due to declining land sale revenues. Finance Minister Lan Fo’an indicated that an additional debt quota of around 10 trillion yuan could be approved, potentially rising to 15 trillion yuan if economic challenges worsen. The committee, led by Chair Zhao Leji, is expected to finalize decisions on further fiscal support for the slowing economy by the end of the week.
China's anticipated fiscal stimulus plans may hinge on the outcome of the U.S. presidential election, with analysts predicting a larger package if Trump wins. Local governments face challenges due to strict tax enforcement, impacting business activity, while the central government focuses on addressing local debt. Despite potential support, consumption stimulus is expected to be more property-focused, with market volatility influencing the scale of any announced measures.
Ting Lu
People
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