United Nations warns of massive global impact of U.S. plan

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The study found that European exports will grow by $70 billion, while Japan, Canada and Mexico will see exports increase by more than $20 billion each.

"I don't blame China for taking advantage of us".

The president also renewed his often-repeated falsehood that China was paying the United States import duties on its exports.

A senior Trump administration official said that through ongoing talks about the US' 142 trade demands, the number of items Beijing deemed non-negotiable has been sharply reduced, The Wall Street Journal reported on Tuesday.

China and the United States have been engaged in a trade war since Trump announced last June that $50 billion worth of Chinese goods would be subject to 25 percent tariffs in a bid to fix the US-Chinese trade deficit. They are also - as seems to nearly always be the case with the China trade conflict - embodied by soybeans.

The higher cost of US-China trade would prompt companies to shift away from current east Asian supply chains.

"We are now making it clear to China that after years of targeting our industries and stealing our intellectual property, the theft of American jobs and wealth has come to an end", Trump said. But because the magnitude and duration of tariffs is unclear, Brazilian producers have been reluctant to make investment decisions that may turn out to be unprofitable if the tariffs are revoked. 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.

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"Countries that are expected to benefit the most from U.S". 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.

The implications of such a development would be "massive", the UNCTAD Director, Division on International Trade in Goods and Services, and Commodities, continued, adding that its effects would first of all involve "an economic downturn. due to instability in commodities and financial markets".

Finally, in an interconnected global economy, the tit for tat moves of the trade giants are likely to have a domino effect beyond the countries and sectors targeted.

Trump has vowed to increase tariffs on $200 billion worth of Chinese imports to 25 percent from 10 percent now if the two sides can not reach a deal by 12:01 a.m. (0501 GMT) on March 2.

U.S. Treasury Secretary Steven Mnuchin speaks to the media at the White House in Washington, U.S., February 6, 2019.

But the UNCTAD study also warns that the spat could hit East Asian producers the hardest, with a projected $160 billion contraction in the region's exports unless discussions between China and the United States are resolved before the March deadline.