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Brazil and South Korea ranked the second and third largest steel exporters, with their shares at 13 percent and 10,2 percent, respectively. Steel imports from China only accounted for 2 percent of the U.S. total steel imports last year.

Brick-and-mortar retailing is in deep trouble as evidenced by major companies filing for bankruptcy protection, including J.C. Penney, Pier 1 Imports, Modell's Sporting Goods, J. Crew, Men's Wearhouse, Brooks Brothers and Neiman Marcus.

But China doesn't want to be the only one that is making painful efforts, "while the rest of the world just watches", he said.

But Apple plans to launch a low-cost version of the iPhone in February, and production of that model could be disrupted by the coronavirus outbreak.

Brandanini said if the United States abandons its prejudice, the BRI would be of benefit there as well.