UBS has downgraded its China GDP growth forecast to 3.4% for 2025, on the assumption that tariff hikes between it and the United States will remain in place and that Beijing will roll out additional stimulus, it said in a report on Tuesday.
The U.S. dollar drifted Tuesday, remaining near its recently hit three-year low with the turmoil surrounding the Trump administration’s trade policies seen hitting the world’s largest economy.
Oil prices were broadly stable on Tuesday after new tariff exemptions floated by U.S. President Donald Trump and a rebound in China’s oil imports were offset by the IEA following OPEC in cutting its oil demand forecast.
Most Asian stocks rose on Tuesday amid persistent hopes that U.S. President Donald Trump will grant more exemptions from his trade tariff plans, although gains were capped by uncertainty over more levies and a brewing trade war.
Singapore’s economy grew less than expected in the first quarter of 2025 amid weaker manufacturing and construction activity, while the country’s Monetary Authority eased policy slightly on Monday.
China’s exports likely picked up pace in March, as factories rushed out shipments ahead of U.S. President Donald Trump’s sweeping tariffs this month, though the broadening trade war with the United States has darkened the economic outlook.