The scale of this week's tariff de-escalation was a bit larger than we had expected. But most of the rollback had already been factored into our forecasts. And while the threat from tariffs has diminished, renminbi depreciation now looks set to provide less of an offset. Given that most of the slowdown we expect this year is due to non-tariff headwinds, we're sticking to our growth forecast of 3.5% for 2025.
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