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"Economists nearly unanimously agree that tariffs have negative economic effects, and this has been observed time and time again when countries impose tariffs," said Erica York, an analyst with the Center for Federal Tax Policy at the US Tax Foundation, who wrote the report titled The Impact of Enacting President Trump's Tariffs. The foundation is an independent tax policy nonprofit.

"Despite all of the geopolitical tensions that exist in the world, between China and the US, we continue to build our US business carefully," said Michael Evans, president of Alibaba, reported Yahoo Finance. Evans said he has been to Washington to talk about the e-commerce giant's business plans in the US, so "we don't surprise them".

"Farmers in Northeast China and in regions around the Bohai Sea are encouraged to, and guided to, increase farmland for soybean cultivation," he said at a news conference of the State Council Information Office.

"Domestic consumption will be the main driver of growth going forward with the main downside risk stemming from a potential intensification of the trade conflict with the United States," he said.

"Despite shrinking revenues and expenditures for COVID-19 relief measures, we will not reduce charity donations pledged for the current financial year to show our commitment and social responsibility when Hong Kong faces a difficult period, but we will definitely pay less tax to the government," he said.