China on Wednesday announced it will soon start accepting applications for exemption from its second-round of additional tariffs on U.S. imports.

The US and China won’t be the only ones affected in the trade war raging between the two countries. As companies scramble to find ways around the ever-increasing tariffs that the world’s two largest economies impose on each other’s goods, other countries are being drawn into a conflict that might have no winners.

Beijing has unveiled a new round of retaliatory tariffs on the US valued around US$75 billion. China will now place additional tariffs of 5%-10% on US imports starting next week.

The United States and Japan agreed in principle on Sunday to core elements of a trade deal that U.S. President Donald Trump and Prime Minister Shinzo Abe said they hoped to sign in New York next month.

As trade tensions rise, American firms are facing an increasingly complex environment in China, while Chinese companies are looking for ways to adapt — all that may present new opportunities for Chinese businesses, analysts say.

President Trump was right to call on U.S. companies Friday to begin looking for ways to gradually reduce their business ties and trade with China. He should make the same call to our allies at the Group of Seven summit now underway in France.

As China imposes new tariffs on the U.S., countries primarily across the Asia-Pacific are getting ready to make more money.

The United States has more to lose from a full-blown trade war with the EU than it does with its current conflict with China, experts have told CNBC.

The Trump administration is still planning for a round of in-person talks between U.S. and Chinese officials in September after a constructive exchange this week between deputy-level negotiators, White House economic adviser Larry Kudlow said on Thursday.

President Donald Trump on Tuesday said he had to confront China over trade even if it caused short-term harm to the U.S. economy because Beijing had been cheating Washington for decades.