On July 6 last year, the United States began imposing a 25% tariff on the first batch of $34 billion worth of Chinese goods. China then offered counter-measures and the trade war started in an all-round way. Looking at the trade data of the two countries, we can see how much the impact of the trade war is. According to the analysis data of Japan Economic News, the export volume of Chinese goods levied tariffs to the United States dropped by 14%, and the trade volume decreased by 18 billion US dollars, accounting for 3% of the total annual trade volume of exports to the United States. U.S. exports to China shrank by 38%, and trade volume decreased by 23 billion U.S. dollars. So far, nearly half of China's exports to the United States and 70% of U.S. exports to China have been subject to tariffs.

Data show that the United States has suffered heavy losses. After China imposed tariffs on U.S. goods, U.S. exports to China began to decrease, nearly $4 billion less at the end of last year compared with the same period last year. The impact on China's exports to the United States was only four months later, and by the beginning of this year it had also decreased by more than $4 billion.

Hefbauer, a senior researcher at the Peterson Institute for International Economics, believes that the difference in the timing of the impact is due to the different types of exports between China and the United States. The tariffs imposed by China mainly focus on American agricultural products and fuels, which can be purchased from other countries. Most imports from China by the United States are special products, which are not easy to purchase from other countries at similar low prices, including pressure relief valves, cables and other industrial raw materials.

Given that the tariff increases are expected to continue, at least in the short term, it is impossible to remove them, so Chinese and American exporters are forced to avoid goods on the tariff blacklist and try to keep costs down in order to tide over the difficulties.

The Sino-US trade war has also changed the landscape of international trade, causing some countries to worry. In May, for example, the Brazilian Animal Protein Association received a call from the Saudi Embassy saying that Saudi Arabia feared that Brazil's dramatic increase in food exports to China would indirectly lead to a sharp reduction in Brazilian food exports to Saudi Arabia. After the trade war began, China abandoned American agricultural products and purchased from Brazil.

Trade wars not only benefit countries rich in agricultural products and resources. Vietnam and Mexico have also replaced Chinese suppliers by exporting more electronic equipment and machinery to the United States. After China imposed tariffs, U.S. fuel exports plunged by more than 50%, while Saudi Arabia's and Russia's fuel exports increased by 51% and 40%, respectively.

US and Chinese leaders have agreed to restart trade negotiations. A spokesman for China's Ministry of Commerce recently reiterated that if the two sides can reach an agreement, all the tariffs imposed by the United States must be abolished.