China's economy would be impacted less this year and next as compared to the US, despite heavy tariffs, on the other hand, the economies of Mexico and Canada will be hit majorly as compared to the United States.

A potential trade war between the United States and its two neighbors has been thwarted for now, though the U.S.-China status remains murky after both parties implemented tariffs on Tuesday, their leaders yet to speak with one another as of late afternoon.

Donald Trump announced tariffs on imports from Mexico, Canada and China, but has paused two of them while the other issued retaliations.