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Trump's "Liberation Day" tariffs and their subsequent impact have prompted economists at S&P Global Ratings to once again downgrade growth forecasts for most countries. The United States is expected to see a year-on-year growth rate in the fourth quarter drop to 0.9%, teetering on the brink of an economic downturn. S&P estimates that the United States will lose about 60 basis points of economic growth over the next two years, with about two-thirds of the loss occurring in 2025. S&P has lowered growth forecasts for the Eurozone in 2025 and 2026 by 0.2%, anticipating a 0.4% reduction in GDP due to additional tariffs on European exports and tariffs on specific products. S&P states that open economies in the Asia-Pacific region such as Malaysia, Vietnam, Thailand, and Singapore will experience the largest declines in growth, with a one-year decline of 0.5% to 1.0%. S&P declares, "We reiterate that there are no winners in the escalating protectionist policies."