Via Zero Hedge comes JPM:
Late last week, JPMorgan became the latest to drastically revise it outlook, and in a note from strategist John Normand writes that the bank has “adopted a new baseline that assumes a US-China endgame involving 25% US tariffs on all Chinese goods in 2019.”
As a reminder of how methodically the US has been advancing a campaign some consider “random and capricious”, Normand summarizes the current state of affairs, noting that Phase I involved tariffs on $50bn of Chinese imports in July and August; Phase II levied 10% tariffs on $200bn of imports in late September that rise to 25% in January; and Phase III is the threat to impose 25% taxes on another $267bn of imports at some stage.
