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Some central IL farmers said they are wary about making any big investments in the near future after fears of a trade war with China became reality Friday, with President Donald Trump imposing 25 percent tariffs on $34 billion worth of goods from that country.

The ongoing trade war between USA and China, the two largest economies of the world, will affect Bangladesh's global trade in the long run along with some immediate negative impacts on its economy, economists say. China hit back immediately via duties on U.S. shipments including soybeans and automobiles.

Russian Federation says it has raised tariffs on some US imports in response to the USA move to impose tariffs on foreign steel and aluminum.

"China promised not to fight the first shot, but in order to defend the core interests of the country and the interests of the people, we are forced to take the necessary countermeasures", China's commerce ministry said in a statement. "Tariffs that beget tariffs that beget more tariffs only lead to a trade war that will cost American jobs and economic growth".

China's commerce ministry, in a statement shortly after the USA deadline passed at 0401 GMT on Friday, said it was forced to retaliate, meaning imported United States goods including cars, soybeans, and lobsters also faced 25 per cent tariffs.

Speaking to reporters late Thursday en route to a campaign-style rally in Montana, just before tariffs on U$34 billion worth of Chinese imports were set to go into effect, Trump said there are more to come.

New U.S. tariffs of 25 percent went into effect at 12:01 am.

The US had announced imposition of 25 and 10 percent tariffs on steel and aluminium respectively on three of its biggest trading partners - Canada, Mexico and the European Union on May 31.

China retaliated against the announcement with threats of a matching volume of tariffs on USA goods.

Other analysts added the political relationship between Washington and Beijing is expected to worsen, possibly affecting security policy in Asia, as the United States and China have been at odds over Taiwan and the South China Sea.

Chinese Commerce Ministry spokesman Gao Feng said the proposed United States tariffs would hit many American and foreign companies operating in China and disrupt their supplies of components and assembly work.

China's Ministry of Commerce warned the USA -initiated trade war will hamper global economic recovery and trigger global market turmoil while dealing a blow to many multinationals, enterprises and ordinary consumers.

"There are winners and losers in every trade war", said the Iowa Soybean Association. USA soybeans, a key flash-point in the worsening trade relations, will see their tariff jumping to 28 per cent of the value, while the soybean duty for some other nations has been lowered to zero recently.

Asked whether USA companies would be targeted with "qualitative measures" in China in a trade war, Gao said the government would protect the legal rights of all foreign companies in the country.

Although the first exchange of tariffs is unlikely to inflict much economic harm on either nation, the damage could soon escalate.

As of 12:01 eastern this morning, computers at US customs should have been reconfigured to apply new tariffs on $34 billion worth of Chinese goods, which include printers, cars and industrial parts. "That's the nature of trade wars as well, and while no one is likely to win this confrontation, both sides could certainly lose".

So what can data tell us about the current trade conflict?

While the United States tariffs aim to cut down the trade deficit, there are worries about how China's retaliatory tariffs will hit the USA economy.

In the long run, growth in global economy would slow down due to feared fall in demand which would not be good for Bangladesh economy, Mansur said.

"You have another 16 [billion dollars] in two weeks, and then, as you know, we have $200bn in abeyance and then after the $200bn, we have $300bn in abeyance. OK?"