July 18, 2024

BEIJING — If Donald Trump wins the U.S. presidential election, his plans for 60% tariffs on Chinese goods could be a "major downside growth risk" to China, according to Goldman Sachs.

Chances of Trump becoming the next president ticked higher after he survived an assassination attempt on Saturday and selected former critic JD Vance as his running mate two days later.

"Right now exports are a major bright spot in the Chinese economy, and I think the policymakers might want to be prepared," Hui Shan, chief China economist at Goldman Sachs told CNBC's "Squawk Box Asia" on Tuesday.

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