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Goldman Sachs (GS.N) said Sunday that it was increasingly concerned about the recession caused by the Sino-US trade war and that it no longer expected a trade agreement between China and the United States before the 2020 presidential election.
"We expect tariffs on the remaining $300 billion of Chinese imports to the United States to take effect," Goldman Sachs said in a study to clients.
U.S. President Trump announced on August 1 that he would impose a 10% tariff on the final $300 billion of Chinese goods on September 1, prompting China to suspend its purchases of U.S. agricultural products.
Goldman Sachs said it lowered its fourth-quarter U.S. economic growth forecast by 20 basis points to 1.8%, as trade tensions hit more than expected.
"Overall, we have raised our estimates of the impact of the trade war on economic growth," Goldman Sachs said in a study.
The report said that the rising input costs caused by supply chain disruption could lead to the reduction of domestic activities by American enterprises. Analysts also said that "such policy uncertainty" may also reduce capital expenditure.

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