0241 GMT - Around 2.2% of China's GDP is directly hit by U.S. tariffs, Nomura economists write in a note. The U.S. directly accounted for 14.7% of China's total goods exports in 2024 and the ratio rises to 15.2%, including re-exports via Hong Kong, and would be 20.6% after including rerouting, they say. With around 16.3% of exports exempted from reciprocal tariffs, around 2.2% of China's GDP is directly hit by the tariffs and the country might lose around 1.1% of GDP in the near term, they say. The actual loss would be larger, as the shock ripples through to other sectors, especially the services sectors that facilitate merchandise exports, they add. (jiahui.huang@wsj.com; @ivy_jiahuihuang)

(END) Dow Jones Newswires

April 28, 2025 22:41 ET (02:41 GMT)

Copyright (c) 2025 Dow Jones & Company, Inc.