The amount is equal to 3% of the world's gross domestic product. The figure includes $1.34 trillion that China gains from exports to the Organization for Economic Cooperation and Development (OECD) member nations and $1.27 trillion that OECD member nations gain from exports to China, the report said.

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China’s Loss: The report said according to the analysis, based on the latest data, if Chinese exports to Japan, the U.S., and Europe became impossible, the Chinese economy would witness a downward pressure worth $1.6 trillion — meaning 7.6% of China's nominal GDP would disappear.

Domino Effect: If Japan's exports to China were stopped, Japan's economic size would reduce by $190 billion, or 3.7% of its GDP. Europe would see a 2.1% fall in its GDP, while the U.S. would take a 1.3% fall, the report said.

Food crisis: The report also warned of a food crisis in China. For example, a halt to imports of soybeans, among other essential items, would hit China hard, as it relies on the U.S. for 30% of its soybean imports, the report said. Despite being an agricultural powerhouse, China’s soybean self-sufficiency rate is lower than 20%.