Tensions in trade policy could flare up again and play out in other areas (such as the auto industry), with large disruptions to global supply chains, she cautioned.
Microsoft also warned how emerging nationalist trends in specific countries may alter the global trade environment.
Foreign trade policy review: India should address problems of competitiveness urgently, set an export target
A review of foreign trade policy without setting an export target is a bit like a finance minister working on a budget without targeting a short-term or long-term GDP growth rate.
Trade between the world's two biggest economies is mutually beneficial, Beijing said on Wednesday after presumptive US Republican presidential nominee Donald Trump accused China of "rape".