But I don't blame China for taking advantage of us, I blame our leaders and representatives for allowing this travesty to happen.
Of the approximately $85bn in U.S. exports that are subject to China's tariffs, only about 5% will be taken up by Chinese firms, the United Nations research shows. Other countries set to benefit from the trade tensions include Australia, with 4.6 per cent export gains, Brazil (3.8) India (3.5), Philippines (3.2) and Vietnam (5), the study said. U.S. firms would capture just around 6% of the $250bn of Chinese exports subject to United States tariffs, while Chinese firms would retain about 12%.
The IIF study also found that the tariffs had done little to reduce the US bilateral deficit with China, amid retaliatory duties from Beijing and "a large reduction in China's imports from the U.S".
The report also said United States and Chinese firms won't benefit greatly from the protectionist policies.
A similar scenario would apply to the $110 billion in USA exports hit by Chinese tariffs, the report said, estimating that 85 percent would go to companies in other countries, 10 percent would remain in the US and only about five percent would go to Chinese firms.
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However, Turkey's Islamist president, Recep Erdogan, called the demand "a very serious mistake" and flatly told U.S. The remainder, he said, have "dispersed" and "gone to ground", suggesting they retain the potential to return.
The US has threatened to hike tariffs on Chinese goods from 10% to 25% if the US and Chinese governments do not reach a deal before the 2 of March.
Smaller and poorer countries would struggle to cope with the external shocks, she said and added that the higher cost of the US-China trade would prompt companies to shift away from current east Asian supply chains.
The report indicated that the European Union stood to benefit the most, with companies in the bloc likely to capture around $50 billion of Chinese exports to the US and about $20 billion of USA exports to China.
The UN Conference on Trade and Development (Unctad) has warned that there will be huge costs if the trade war escalates. "We are now making it clear to China that after years of targeting our industries and stealing our intellectual properties, the theft of American jobs and wealth has come to an end", he said.
Although these figures do not represent a large slice of global trade - which was worth $17 trillion in 2017 - for some countries, like Mexico, the increase in exports will amount to a six per cent rise in exports overall. A common concern is the unavoidable impact that trade disputes will have on the still fragile global economy. This is especially worrying if trade tensions spiral into currency wars, which would threaten the ability of people and companies around the world to pay off dollar-denominated debt, they said. Tariffs on American soybeans prompted Chinese importers to switch to Brazilian suppliers previous year.