"What do you anticipate it will be the impact of higher tariffs between China and US on your business?"
Is that "it" redundant?
Just like what do you think will be the impact?
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The "it" is not so much redundant as simply ungrammatical. It should be removed.
What do you anticipate will be the impact of higher tariffs between China and US on your business?
It may help to simplify the sentence to understand why. The basic, simplified structure is:
What ... will be the impact ...?