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Customers line up for ice cream at a shopping mall in Tianjin. [Photo by Hu Lingyun/For China Daily]

Cumulatively, the study said, the US economy stands to come up trillion short of its baseline potential within 10 years of tariff implementation. The US GDP in 2018 was approximately .5 trillion.

Currently, Bosch has around 60 legal entities in China, with nearly 60,000 employees working across its 38 manufacturing facilities and 27 research and development centers to develop technologies and solutions.

Cricket star-turned-politician Imran Khan, chairman of Pakistan Tehreek-e-Insaf (PTI), speaks after voting in the general election in Islamabad, July 25, 2018.[Photo/Agencies]

Cui Dongshu, secretary-general of the China Passenger Car Association, said the age of fast and assured growth is gone and those who don't respond to market changes will fail. "Declining car sales may speed up the process of squeezing out the incompetent players and we may see some of them exit the market," he said.