Ref tradewars:
https://amp.ft.com/content/12936bea-6e1f-11e8-8863-a9bb262c5f53
With Donald Trump poised to deliver on his presidential campaign promises to protect American industries with tariffs, the question is: what does this mean for the world economy?
If you plug the actual and anticipated actions of the US into most models, there is an almost imperceptible annual shift in gross domestic product growth in the US, Chinese and global economies. Despite the sound and fury, the steel and aluminium tariffs, $50bn of tariffs on Chinese goods imported by the US and $50bn tariffs on US goods imported by China add up, based on the models, to the economic equivalent of a mosquito bite.