Actual tariff implementation in the United States has turned out to be far less potent than first feared, according to Sajjid Chinoy, Chief India Economist and Head of Asia Economics at JPMorgan. Speaking to Govindraj Ethiraj on The Core, Chinoy said the doomsday predictions made earlier in the year had not materialised because both the tariff rollout and the global economic backdrop shifted in unexpected ways. Advertisement

Calling the last few months "quite a puzzle," Chinoy said, "On liberation day, all economists said Armageddon is coming and here we are three quarters later with very strong growth." He added that those early forecasts assumed "all else being equal, and all else has not been equal."

Chinoy pointed to two main factors behind the stronger-than-expected global growth.

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