Asia-Pacific sectors could face a complicated credit landscape amid higher trade tensions. "Higher trade barriers may disrupt supply chains and slow growth. Auto, metals, pharma and technology face a direct hit from U.S. tariffs," said Eunice Tan, head of Asia-Pacific credit research at S&P Global Ratings. "Fears of a sharper global downturn could hit demand and confidence, squeezing the region’s downstream and consumer discretionary sectors."