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"Efficiency, reliability, cost and regulation are the four key factors that will decide if cryptocurrency has the competitive edge to replace traditional currency," said Li Lihui, former president of Bank of China, at in a recent seminar in Beijing.

"During the past five years, China has achieved tremendous results in economic and social development by adhering to these new concepts," said Xing Zhihong, spokesperson for the National Bureau of Statistics.

"Driven by Xiaomi's pragmatic concerns, the cooperation will enable much more international IoT connections," Yan said.

"Everywhere you turn there is uncertainty," said Michael Spence, professor of economics at the Stern School of Business at New York University and a Nobel Prize winner for economics.

"Economists nearly unanimously agree that tariffs have negative economic effects, and this has been observed time and time again when countries impose tariffs," said Erica York, an analyst with the Center for Federal Tax Policy at the US Tax Foundation, who wrote the report titled "The Impact of Enacting President Trump's Tariffs".