BBVA：2025年中国经济展望报告（英文版）

US tariffs have risen sharply. Although levies on China are now around 30%, lower than the expected 60% and well below the post- “Liberation Day” peak of 145%, they remain high and the uncertainty about where they will eventually settle is a persistent source of risk. In this context, and given prospects of large fiscal deficits, the US premium risk has risen. Growth remains resilient and inflation has eased, despite early signs of tariff-related deteriorationProtectionism and