Trade War's $600 Billion Hit, EU Rejects Car-Quota Push: Eco Day

(Bloomberg) -- Welcome to Tuesday, Asia. Here’s the latest news and analysis from Bloomberg Economics to help get your day started:

• Our economists Dan Hanson and Tom Orlik have mapped out the main scenarios of the U.S.-China trade war. Their conclusion: global GDP could take a $600 billion hit in 2021, the year of peak impact
• Vietnam may be one of the world’s fastest-growing economies, yet it’s still in the dark ages when it comes to joining the global trend toward cashless transactions
• The European Union vowed to reject any U.S. push to curb imports of EU cars and auto parts, highlighting the risk of greater transatlantic trade tensions
• The European Commission is considering proposing a disciplinary procedure for Italy over its failure to rein in debt, which could pave the way for a 3.5 billion-euro penalty
• Chile’s central bank started to consider cutting its benchmark interest rate as policy makers puzzled over the impact of a large influx of immigrants on the economy
• Brazil has maintained one of the smallest deficits among the largest emerging markets, showing external financing remains a strong point, says Adriana Dupita

To contact the reporter on this story: Chris Bourke in Sydney at cbourke4@bloomberg.net

To contact the editors responsible for this story: Nasreen Seria at nseria@bloomberg.net, Tracy Withers

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