Goldman Sachs economists say fears rise that U.S.-China trade war leading to recession

"We expect tariffs targeting the remaining $300bn of US imports from China to go into effect," the bank said in a note sent to clients. U.S. President Donald Trump announced on Aug. 1 that he would impose a 10% tariff on a final $300 billion worth of Chinese imports on Sept. 1, prompting China to halt purchases of U.S. agricultural products. China denies that it has manipulated the yuan for competitive gain.

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