But the trade war will also have a number of negative effects on global trade, especially within certain markets.
"We are also very focused on free and fair trade for USA companies to have access there and to having a more level playing field which will bring down the trade deficit", Mnuchin said.
"I don't think it would be productive to speculate on the outcome because we have a lot of work left to do". Other countries set to benefit from the trade tensions include Australia, with 4.6 per cent export gains, Brazil (3.8) India (3.5), Philippines (3.2) and Vietnam (5), the study said.
"I am also asking you to pass the United States Reciprocal Trade Act, so that if another country places an unfair tariff on an American product, we can charge them the exact same tariff on the same product that they sell to us", Trump said.
The proposed legislation would expand the White House's latitude to impose tariffs if other countries' tariffs or non-tariff barrier exceed U.S. ones. Trump initially threatened to raise those tariffs to 25 percent on January 1 but has delayed that to March 1 as he has sought to negotiate a deal with Xi Jinping, his Chinese counterpart.
Last year, the United States levied tariffs of between 10% and 25% on $250bn worth of Chinese goods.
The report also said United States and Chinese firms won't benefit greatly from the protectionist policies.
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Madrid sit eight points adrift of Barcelona in La Liga but have won their last five games in a row in all competitions. For the first 15 minutes at least, which is what the media are able to observe, the Argentine trained like usual.
The study found that European exports will grow by $70 billion, while Japan, Canada and Mexico will see exports increase by more than $20 billion each.
The sources said that the USA delegation would begin arriving in Beijing over the weekend, following a break this week for Chinese New Year.
Countries that are expected to benefit the most from US-China tensions are those which are more competitive and have the economic capacity to replace US and Chinese firms.
The talks have centred on addressing USA demands for deep structural changes to China's economic and trade policies, including new protections for US intellectual property, ending forced technology transfers, reining in China's subsidies for state industries and increasing Chinese purchases of USA farm, energy and manufactured products. US-China Trade War "Most Stupid Thing Ever", Says Alibaba Chief Jack Ma. "One major concern is the risk that trade tensions could spiral into currency wars, making dollar-denominated debt more hard to service", the report added.
In fact, such duties are paid by USA importers, with costs in many cases passed on to consumers. He has used those to impose tariffs on steel and aluminium imports.
The new round of talks in Beijing, to be led by US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin, was earlier reported by the Wall Street Journal, citing an unidentified senior administration official.