NEW YORK/GUANGZHOU -- The tariffs imposed Friday by the U.S. and China will likely hurt not only American companies reliant on foreign suppliers and customers, but also an increasingly interconnected global economy.
U.S. President Donald Trump has declared that Washington will not lose its trade war with Beijing. America imports about $500 billion in Chinese products a year -- nearly four times the value of shipments in the other direction -- giving Washington more room to escalate. Japan's Mizuho Research Institute estimates that a 20% drop in bilateral trade would slow Chinese economic growth by 3 percentage points.
