BRICS think tanks held a seminar on global governance and multilateralism in Beijing on Wednesday. Experts from the BRICS nations shared their views and concerns on the escalating trade war between China and the United States.

"There will not be a winner in the trade war," said Boris Shmelev, director of Russian Foreign Center at the  Institute of Economics, Russian Academy of Sciences.

Shmelev criticized U.S. policies toward China as "neglecting the principles of globalization, and principles of free trade in the world."

The China-U.S. trade war has had a great impact on the global economy, and has also affected many other countries. Professor Claudio Puty from Brazil's Federal University of Para, said that soybean purchases from China have increased manifold, and will continue to rise.

As the world's biggest consumer of soybean, China has turned to Brazil for alternative supplies after imposing a tariff on U.S. soybean.

"In the short term, Brazilian economy has benefited from China's soybean purchases, as China has decided to buy from Brazil instead of the U.S.," said Puty, adding that the U.S. has been threatening to impose tariffs on Brazilian imports as well.

Puty told CGTN that he has concerns about the indirect effects of the trade war in the long run. "Although Brazil is gaining from soybean exports, the world economy is going to grow less with the trade war."

Chinese President Xi Jinping and his U.S. counterpart Donald Trump are expected to meet later this week at the G20 summit in the Japanese city of Osaka. This will be their first face-to-face meeting after their talks in May. Experts say their upcoming meeting raises hopes of a trade truce.