A broad swathe of economists and corporate executives are criticizing the mounting trade spat between the U.S. and China, with many American business leaders fearing damaging retaliation for the tariffs President Donald Trump has been unveiling since March.
To date, both countries have announced hundreds of billions of dollars worth of import tariffs on each other’s goods.
But while the larger part of market experts seem to agree a trade war would be generally bad for the whole world, there are some countries that could indeed benefit from Chinese tariffs on U.S. goods, as it creates potential room for other trade partners to expand their own exports.
“There are definitely economies that can benefit from the trade tariffs,” said Jim Barrineau, head of emerging market debt relative at Schroders. If the dispute becomes a longer lasting trade war, Barrineau said, “China could step up direct investments into agriculture, metals, and energy producers throughout emerging economies to diversify sources of goods away from the U.S.”