U.S. tariff revenue collected from levies on Chinese goods "has been borne almost entirely by U.S. importers," a study by the International Monetary Fund (IMF) has found.
The study, released on Thursday, said previously imposed tariffs have reduced trade between the United States and China, but "the bilateral trade deficit remains broadly unchanged."
The study also said some of the additional tariffs have been passed on to U.S. consumers, while others have been absorbed by importing firms through lower profit margins.
"Consumers in the U.S. and China are unequivocally the losers from trade tensions," the study said.
Earlier this month, the United States increased additional tariffs on $200 billion worth of Chinese imports from 10 percent to 25 percent, and has threatened to raise tariffs on more Chinese imports.
In response, China has announced that it will raise additional tariffs on a range of U.S. imports from June 1, and "will fight to the end."
"A further increase in tariffs will likely be similarly passed through to consumers," the IMF study said.
"While the impact on global growth is relatively modest at this time, the latest escalation could significantly dent business and financial market sentiment, disrupt global supply chains, and jeopardize the projected recovery in global growth in 2019."