Beijing might have little choice but to reconfigure its economy should it become embroiled in a broader trade conflict.

Since the U.S. and China imposed tit-for-tat tariffs in their trade war during Donald Trump's first presidential term, Beijing has taken steps to reduce its reliance on American farm goods in a wider effort to bolster its food security.

Donald Trump’s allies tell us that tariffs are principally a negotiating tool rather than a tax on consumers: if you threaten America’s trade partners with new duties, they’ll immediately cave and provide more favourable terms for the exports we produce domestically and sell into their markets.

If Trump's proposed 60% tariff against China is enacted and the country responds aggressively, it could pressure some of America's largest companies.

The Chinese economy is more dependent on exports, making tariffs more potent, yet it’s less reliant on American markets and increasingly bent on self-sufficiency.

LONDON — Donald Trump’s tariff threats are reverberating through the British government. The U.S. president-elect has promised to impose up to 20 percent flat tariffs on imports to his country, and U.K. officials are already war-gaming how they can protect billions in exports.