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The direct impact of trade tensions on China's economic growth in 2018 is expected to be limited by 0.1 to 0.3 percentage points, according to economist estimates.
Liang Hong, chief economist of the CICC, told CNBC on Friday that China's plan to open its markets "can stay on track", with an economic growth target of 6.5% this year at hand.
On the other hand, it is the US economy that is expected to suffer the most damage, according to analysts, who warned US levies could affect US companies with investment in China. The world's largest economy would also be more affected given that it "pursues trade wars on several fronts," including its disagreements with Canada and the European Union, said DBS in a note.
"In every skirmish, the United States is targeting different economies and consumers, but the retaliation of each counterparty belongs to the same group of American consumers and businesses. According to Matthew Goodman, Asian economics specialist at the Center for Strategic and International Studies, the White House has not taken into account the interest of American corporations.
"There is a long history of American and other companies in Chinese markets, so it is a real concern here, but in the White House, it seems like it 's right. they have not thought about these ramifications, or they have and they do not care because they think they need to raise the temperature, "he told CNBC. The Rundown ".
China said Thursday that the United States was attacking the world with its tariffs threatened.
"US measures primarily attack global supply and value chains." Simply put, the United States is firing on the entire world, including itself. ", said the spokesman of the Chinese Ministry of Commerce, Gao Feng. in Asia, based on commercial openness and exposure to supply chains, growth is expected to slow in 2018 and could double in 2019.
– Associated Press, Reuters and CNBC
Chloe Aiello
and
Marty Steinberg
contributed to this report.
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