The potential return of protectionist policies in the US, under Donald Trump's administration, and the west could significantly impact Asia-Pacific's export-reliant economies in 2025, S&P Global Ratings said in a Wednesday release.

Greater tariffs would add to China's headwinds, on top of lingering property weakness that has impacted consumer and business confidence, S&P said.

Soft landings among major economies and continued policy rate reductions buoy the rating agency's overall global credit outlook for next year.

S&P expect global economic growth to reach 3% in the coming year, considering slowdowns in US and China, continued recovery of the euro, and stabilizing emerging markets.

Continued geopolitical tensions and shifting trade policies are among the potential key roadblocks for growth, S&P said.