Note: includes digital (desktop/laptop, mobile, and other internet-connected devices), magazines, newspapers, out-of-home, radio, and TV; excludes Hong Kong
Additional Note: The “moderate tariffs” scenario assumes China’s economic growth slows, but the downturn is limited due to partial tariff relief brought by trade negotiations with other countries and by domestic stimulus measures. The “heavy tariffs” scenario assumes a sharp increase in tariffs as US-China trade negotiations break down and tensions with other trading partners escalate, leading to weaker economic growth despite domestic stimulus measures.