Last Thursday, Donald Trump imposed new trade tariffs against China with 25 percent duties on 279 product categories worth a total of US$16 billion.

China immediately responded by imposing retaliatory taxes on the same value of imported US products in 333 product categories.

Who is the winner or loser in the US?

For China, since the total amount of export to US (USD506 billion in 2017) is much higher than import from US (USD130 billion in 2017), it is not possible to come up with a reciprocal amount in retaliatory tariffs.

However, China can take revenge by making it more difficult for US companies to do business in China.

That is why every time when there are new tariffs come into force, the equity market will be under pressure, especially stock prices of US companies with significant business operation and sales revenue in China.

So far US companies impacted by the