Policy Research Institute executive director Ahsan H Mansur on Saturday told New Age that there would be some immediate impacts of global trade war on Bangladesh's economy along with short-term impacts.
The row has caused turbulence on the world's stock markets and could hurt global trade and growth. If China is cheap, they go to China.
Foreign companies accounted for $20 billion, or 59%t, of the $34 billion of exports from China that would be subject to new USA tariffs, with US firms accounting for a significant part of that 59 percent, Gao said.
So both the US and China, which have blamed each other for the ongoing trade war, are doing no good to their own economic fortunes by engaging in this tit-for-tat tariff battle.
U.S. officials accuse China of building its emerging industrial dominance by stealing the "crown jewels" of American technological know-how through cyber-theft, forced transfers of intellectual property and state-sponsored corporate acquisitions.
Midnight Eastern Time on Friday marked the moment the administration's tariffs on Chinese imports went into effect.
China has vowed to fight back to protect its economy. The U.S. Chamber of Commerce this week released state-by-state data of the damage coming from tariffs, and 17 of the 20 worst hit states voted for Mr. Trump in 2016.
He has also threatened a 10% levy on an additional $200bn of Chinese goods if Beijng "refuses to change its practices".
Erin Ennis, senior vice-president of the US China Business Council, said there was a danger the two sides will dig in on trade sanctions without a clear strategy for resuming negotiations.
The bank estimates that every $US100b of imports affected by the tariffs represents about 0.5 percent of global trade and 0.1 percent of global GDP.
Bangladesh may also face increased competitiveness in global market on RMG sector as China might put emphasis on RMG in other markets after losing it in U.S. market.
Trump has promised another round of tariffs on $16 billion of additional Chinese goods if China follows through with its threat to retaliate. This is the time of year, he said, when Chinese soy product producers switch from American soy to Brazilian soybeans as they are further along in their growing season.
UN Photo/Loey Felipe President Xi Jinping of the People's Republic of China addresses the general debate of the General Assembly's seventieth session. "Some firms may cut China out of their supply chain, but in other cases it will make economic sense to move US production overseas". If the USA and China cool off after a first round of tariffs, the fallout will be modest, according to Bloomberg Economics. The Trump administration has already rejected a deal for China to enter into long-term contracts to increase purchases of energy and agricultural products from the US.