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Ant Group, a Chinese financial technology company which manages the mobile payment service Alipay, seeks to pass the HKEX hearing for its IPO as soon as next Tuesday, and is expected to float on the Shanghai and Hong Kong bourses by late October, according to Hong Kong Economic Times (HKET).

Another key problem is that the US has developed a political and economic elite that has no connection to manufacturing. The type of work rewarded by a society is an indicator of what it values.

Antiquera said the Philippines produces at least 40,000 nursing graduates each year. And yet most hospitals lack nurses, as low wages force these nurses to either go overseas or work as call center agents.

Apart from Tencent, Alisports, the sports arm of e-commerce giant Alibaba, has also joined the party after launching the Alisports World Electronic Sports Games in March 2016, with 1,200 events planned across 15 Chinese cities. Another Chinese tech giant, NetEase, is also trying to develop an e-sports league based on its own games.

Another analyst sees the tariffs' impact as exaggerated.