From the perspective of China, though in theory the US could raise the tariffs on Chinese exports to the maximum, the impacts on China’s economy would be very limited. Firstly, the vast majority of China’s exports to the US are suitable for domestic sale.
Randal K Quarles: Frameworks for the Countercyclical Capital Buffer Speech by Mr Randal K Quarles, Vice Chairman for Supervision of the Board of Governors of the Federal Reserve System, at the "Strategic Approaches to the Fed's Balance Sheet and Communications" Spring 2019 Meeting of the Manhattan Institute's Shadow Open Market Committee, New York City, 29 March 2019.