(March 23): Chris Anstey Managing Editor, Asia Cross-Asset Markets  

One potential problem for the U.S. economy from tariffs on Chinese imports is that American companies are not thought to be able to replace like-for-like at the same price. Patrick Artus, chief economist at Natixis SA, told Bloomberg TV Thursday that the hit to the economy could be 0.3% of GDP. The tariffs could just act as a tax -- countering at least some of the impact of recent tax cuts.

Colin Keatinge TOPLive Editor  

China's just announced plans to add a 15 percent tariff on a range of U.S. products from pipes, to fruit, to -- yes, wine -- and that may hit wine country revenue in the U.S.

Emma O'Brien Global Markets Editor  

We are seeing winners emerge from this tariff-triggered stocks selloff, with farm stocks jumping in mainland markets. They may benefit if the tariffs on U.S. pork, fruit China announced this morning stem imports of those products. The fact soybeans (U.S. imports of the crop are used to feed Chinese pigs) wasn't among Beijing's retaliatory measures is probably helping too.

Seed wholesaler Gansu Dunhuang Seed Co. is up by the 10 percent limit in Shanghai, Zhongnongfa Seed Industry Group, a trader of ag products, is gaining 3.9 percent, while Yuan Longping High-Tech Agriculture, a fruit and veg producer, is up 1.9 percent.

While WH Group sinks in Hong Kong due to its U.S. Exposure, Chinese pork stocks are benefiting. Muyuan Foodstuff Co., a pig and boar breeder that also makes animal feed, is up 3.1 percent, and Hunan New Wellful Co., which operates pig farms, has also surged by the daily 10 percent limit.

Pratish Narayanan Oil Editor, Singapore

For China's biggest pig breeders, the dispute brings some welcome relief, despite the risk of higher feed prices. Hog prices have slumped 30% over the past couple of months in China, and the fact that a hurdle has been placed in the path of competing U.S. supplies is boosting shares of domestic producers.

Guangdong Wens Foodstuffs Group, Muyuan Foodstuff Co. and Jiangxi Zhengbang Technology Co. are all up more than 3% in Shenzhen.

Jason Scott Government Reporter

Australia's Prime Minister Malcolm Turnbull in Sydney today:

``No-one wins from a trade war, there's no doubt about that. We look forward to the U.S. and China being able to negotiate a satisfactory arrangement that suits both sides.''

``President Trump has talked about how much he respects President Xi. I've been with them and the two men see eye to eye in every respect -- they're about the same height, both big guys -- and I look forward to them being able to negotiate.''