The US-China dispute has also distorted major industries in some economies.
China's Commerce Ministry said the US Trade Representative's report was contrary to the facts and based on US domestic laws, Chinese state media reported.
The report said Asian countries are likely to suffer most from protectionism.
The U.S. originally meant to boost its tariff on Chinese goods from 10% to 25% on January 1st, but the two sides agreed to a 90-day delay as they worked to reach a trade deal.
With less than a month before a March 1 deadline for either a deal or an increase in USA tariffs, hardliners inside and outside the administration fret Trump is being outplayed by Chinese President Xi Jinping and seduced by what they see as empty promises.
The IIF study also found that the tariffs had done little to reduce the USA bilateral deficit with China, amid retaliatory duties from Beijing and "a large reduction in China's imports from the U.S".
The world's two largest economies have 24 days left in a three-month truce in their trade war before USA duty rates are due to rise sharply - an escalation that economists say could be a powerful negative shock to the global economy.
Pentagon walks back Trump idea of using Iraq base to counter Iran
North Korea has repeatedly urged a lifting of punishing USA -led sanctions, a formal end to the war, and security guarantees . In December, Trump tweeted, "We have defeated ISIS in Syria, my only reason for being there during the Trump presidency".
Senior US and Chinese officials are poised to start another round of trade talks in Beijing next week to push for a deal to protect American intellectual property and avert a March 2 increase in US tariffs on Chinese goods, two people familiar with the plans said today.
The European Union stands to gain the largest share, about $70 billion of new exports, according to the study.
She said the USA tariff hike and a retaliatory move by China would trigger an economic downturn due to instability in commodities and financial markets, while company moves to adapt would put pressure on global growth. "US-China bilateral trade will decline and replaced by trade originating in other countries".
But the effects of the trade war won't be negative for all regions. Japan, Mexico and Canada could grab over $20bn.
In a report, the U.N. Conference on Trade and Development (UNCTAD) examined the repercussions of the tariff tit-for-tat already under way between the two trade giants, as well as the expected impact of a significant tariff hike scheduled to take effect on March 1. "One major concern is the risk that trade tensions could spiral into currency wars, making dollar-denominated debt more hard to service", the report added.
But the UNCTAD study also warns that the spat could hit East Asian producers the hardest, with a projected $160 billion contraction in the region's exports unless discussions between China and the United States are resolved before the March deadline. What comes of any deal will depend on the political will of future presidents to use the same tariffs Trump has employed to enforce it, the official said.