The head of the Chinese Academy of International Trade and Economic Cooperation -- Gu Xueming --also said that the tariffs list proposed by the United States will increase purchasing costs for American companies, which in turn will reduce their international competitiveness.

GU XUEMING, HEAD CHINESE ACADEMY OF INT'L TRADE & ECONOMIC COOPERATION "50 billion US dollars accounted for 11-point-6 percent of Chinese total exports last year to America. So there will be a certain influence on China's economy but the impact will be limited if 25 percent tariffs were imposed."

Gu said that the American tariffs have been estimated to reduce Chinese exports to the US by about 20 percent. Gu also said that a decreasing trade volume accounted for zero-point-four or zero-point-five percent of China's total exports in 2017. He said the profits from Chinese exports to other countries would compensate for the American loss over the middle- to long-term. However, he said that the Chinese tariffs would affect over 38 percent of the American exports to China. Gu said the impact would hurt the U.S. more than China.