Trump's presidency might cause a 1% GDP damage for China, Vietnam, and South Korea, according to Fitch

A second term for Donald Trump could result in significantly slower economic growth for several Asian economies, with China, South Korea, and Vietnam particularly impacted, according to a report from Fitch Ratings on Monday.

In its worst-case scenario, Fitch projects that by 2028, real GDP in these three countries could be more than 1% lower than current estimates if U.S. trade protectionism escalates sharply.

Trump, as part of his campaign for the closely contested election, has proposed sweeping tariffs of 10% to 20% on nearly all imports, with tariffs on Chinese goods potentially reaching 60% or more.

Fitch noted that heightened trade tensions could have serious consequences for countries and companies reliant on exporting goods to the U.S. However, India is expected to be relatively unaffected due to its lower reliance on exports.

Paraphrasing text from "Reuters" all rights reserved by the original author.