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"The philosophy of Donald Trump is completely different than that which prevailed until now," said Meglio.

Sounds familiar? Eighty-eight years later, by announcing planned steep tariffs on steel and aluminum imports, U.S. President Donald Trump made similar promises to defend U.S. workers from what he calls the "carnage" of "terrible trade deals."

Chile's Wine Exports Industry Intelligence (Intelvid), a data bank of information about the sector, shows Concha y Toro, one of the world's biggest winemakers, exports most of its output to China.

He encouraged the Taiwan business community to engage in fields they are competitive. The Belt and Road Initiative aims to prioritize people-to-people exchange, capital flow, logistic and information connectivity. Pang described this as "uNPRecedented opportunities" for the medium and small businesses, and the manufacturing industry in Taiwan.

Both arguments miss the mark for one simple reason: trade ties between the world's two largest economies are fundamentally reciprocal. Statistics from the U.S.-China Business Council show that the bilateral economic relationship supports roughly 2.6 million jobs in the United States across a range of industries, among which about 104,000 jobs were created by Chinese investment.