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"Global exports are expected to be worth 2.6 billion pounds a year by 2030 for UK companies," said Jamieson. "Now is the time for innovative companies to act and establish themselves at the heart of the Chinese market."

"First, there would be no winners from a global trade war. Even if the aggregate costs are modest and skewed toward more open economies, all countries would ultimately be worse off compared to the status quo," noted Neil Shearing, group chief economist at Capital Economics.

"Global crude oil prices increased year-on-year in the first six months, and the company's upstream business improved substantially," the company said in a statement.

"Governments around the world have come to terms with the harsh reality of COVID-19, and have followed China's measures to fight the virus spread. But the more effective the quarantine efforts are, the more costly it will be economically," said Hong Hao, managing director and head of research at BOCOM International Holdings Co, a Chinese financial services company.

"Future? I don't think much about it, just passing each day as it is," he said.