"The trade by itself doesn't really move the needle in terms of the macro. But what we're worried about is the trade spat drags on … consumers stop spending so much, firms stop investing, confidence goes down, and we go to a less good growth path," says Paul Gruenwald the chief economist at S&P Global Ratings.
Currently in Beijing, there are talks of levying tariffs and investments and property protection issues and all these arguments that are essentially going to cause a huge reduction in global trade growth.
Already there has been several cancelled shipments of US soybeans to China.
The only thing we can say for sure is that it's complicated and right now its not looking too good.
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