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JPMorgan lifts China growth forecasts after 'surprisingly positive' US deal
Investment bank JPMorgan lifted its forecasts for China's economic growth on Monday following what it called a "surprisingly positive" deal with the United States to dial down the two countries' trade war. The U.S. will cut extra tariffs it imposed on Chinese imports in April to 30% from 145%, while Chinese duties on U.S. imports will fall to 10% from 125%. The new measures are effective for 90 days. "The magnitude of the temporary tariff reduction is larger than expected," analysts at the U.S. bank said in a note which singled out the replacement of the 34% "reciprocal" U.S. tariff on China with the 10% "universal" ... (full story)
