Wow, that's a huge question !! I think there will be no winners, only losers. Not the US, not China but the consumers in both countries will lose out as goods and products will become much more expensive.

I think Trump has started a very damaging economic war. The US will suffer from higher prices as China retaliates and goods for sale in the US that are made in China become massively more expensive due to the import taxes. Some products like iPhones which are made in both the US and China will be in short supply in the US as the factories there need to ramp up production to counteract the cost of bringing in the Chinese made ones.

The Chinese economy may slow down which would affect the whole world as there will be less Chinese money to invest in projects around the world.

Ultimately, I think there will need to be a lot of negotiations to stop this trade war when the people of both countries start feeling the pinch.

A stupid war started by a stupid man in my opinion that as usual affect the less wealthy and those who rely on cheap products to live reasonably.

I see that the other answers said no one will win the trade war, so I will just go full rebuttal on their stance as well as start out by saying that US will win this trade war. How? Firstly look at the amount of goods being traded. Usinted States exports totaled 115 billion dollars, whereas our imports from China was 460 billion. This plays to the USA’s advantage in many ways. Starting with the tariffs the US has the ability to tariff more goods simply put. If US tariffs over 115 billion, China has no option to retaliate. Some might say that China will go after businesses and what not, trying to slow down deals and just make US business hell. However you have to realize this directly impacts those in China that are very wealthy, pretty much the only ones that can change their “presidents” mind. This will lead to a final truce, as we already see Chinese markets tumbling while the US’s is soaring. They are nearly about to hit a recession, and reports have been out on the administrations opinion on China 2025. This will all spook them, and force them to negotiate just like how many other nations are due to trumps tariffs. I may have some reservations about Trump as a President, but one thing for sure is that he knows how to get deals done and he will with China at one point.

No-one.

The tariffs and retaliatory tariffs will increase the cost of goods for ordinary people, either through higher priced imports or the need to switch to higher priced local products.

With increasing import prices, businesses will lose out as demand for products decreases. There are also increased supply costs if tariffs are on raw materials.

Some businesses may cut jobs leading to increased unemployment and higher levels of benefit spend for governments.

Governments may receive an increase in import taxes but this will depend on whether the increased tariffs more than outweigh the reduction in (higher-prices) imports.

Generally trade wars are lose-lose.

This is a very valuable question for world trade market. I'm very glad to have this opportunity to answer this tough I'm not financial or trade expert.

Ultimately China will win this trade war. Because imposing high taxes on China won't gonna effect them that much. China is a self sufficient country who have also huge supports from other countries. It's right that they will face real difficulty in a big market like US but on the other hand people of US will face a huge price increment. China won't gonna stop exporting products to US but they will eventually stop importing from US. Cause there are better market in the to import products. Russia is such a country that they trade with everyone even with enemies if there is huge profit.

So ultimately China will be the winner on this trade war not only based on the strategy but Trumps orders will be lifted when US traders and finance will start facing huge loose and difficulties.