China is also a big unknown: in view of the bilateral trade surplus, the Middle Kingdom can not respond with punitive tariffs to the same extent. Most analysts, however, assume that China mainly responds with non-financial measures. For example, according to the research house TS Lombard, Chinese companies could be instructed by Beijing to substitute US suppliers for European or Asian alternatives. Also, administratively, China could inflict some pain on the US - for example, acquisitions involving US corporations to deny the necessary approval of the competition guardians.
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