Mubasher: Renowned investor and businessman Mohamed El-Erian believes that the United States is winning the trade war.

“In relative terms, we are winning and we will win the trade war,” the chief economic advisor at Allianz said in an interview with CNBC.

“Just look at the performance of U.S. markets relative to China and relative to others,” El-Erian added.

“The tit for tat continues, but ultimately it doesn't lead to a full-blown trade war.

“When people realize that at the end of the day, the U.S. will prevail, because [China] is a less open economy, because [the U.S.] is a more dynamic economy, that ultimately you may end up in a situation where the U.S.' position in global economic terms is better off,” he further explained.