From Cleveland Clinic:
"It is one of the most widely-used pain relievers around. But a new study finds acetaminophen may be associated with an increased risk of asthma or wheezing in both adults and children."
This research is preliminary and no evidence-based conclusions can be drawn from it regarding therapeutic changes or recommendations.
Febrile respiratory illnesses in infancy and atopy are risk factors for asthma http://goo.gl/G3W7J - Children with fever also get Tylenol...
Paracetamol (acetaminophen) and Antibiotics in Childhood and Later Wheezing/Asthma: Association or Causation? Medscape, 2011.
"Acetaminophen phobia" is not warranted until we see confirmatory studies in children with asthma. Journal Watch, 2012.