While US tariff hikes will hit China, offsetting factors keep S&P Global Ratings’ 2025 APAC growth forecast unchanged at 4.1 per cent.
Better growth at 2024 end will lift China’s 2025 GDP gains.
While US-led trade friction will weigh on the ex-China APAC economies, domestic demand momentum may stay solid.
Australia, Indonesia, New Zealand and the Philippines should be less at risk of US tariffs.