WITH PRESIDENT Trump following through on his protectionist campaign promises, issues of trade wars dominate global economic agenda in the past several weeks. As the world's largest and second largest economies intensify their rhetoric, global trade is at risk.

MOODY’S Investors Service believed that China’s new retaliatory tariffs on US exports, announced on April 1, will not have serious macroeconomic impact on the United States if it is measured in terms of dollars of US exports affected relative to total US exports.