Tamur Baig, chief economist with DBS, takes a slightly contrarian view, arguing although China's exports to the USA are worth more than the trade flowing the other way, the US's lower growth rate makes it more vulnerable to a slowdown.
The Chinese currency fetched 6.6715 per dollar in early Asian trade, off Tuesday's 11-month low of 6.7344 after China's central bank moved to calm jittery financial markets. Good luck if you're a technology company.
Trump vowed to impose levies on more than 1,000 Chinese products back in June.
"If China concedes to the US proposed agreement, the whole situation faced by the European Union would be much tougher", she and Xu wrote in a research note. -China economic relationship had grown to be "no longer sustainable".
Media captionWhat is Beijing planning with its "Made in China 2025" programme? Stephen Ezell, director of global innovation policy at the Information Technology and Innovation Foundation think tank, said China has raised its share of global output in 18 high-tech manufacturing industries from 8 percent in 2003 to 27 percent now.
Which means: expansion plans could be put on ice.
The Chinese have appealed to the rest of the world as well to join in its fight against the US' unilateralism.
But Shaun Rein, founder of China Market Research Group and author of the book "The War for China's Wallet", told us he has a different take on this situation. "We think trade works for the American economy and tariffs don't". It gets much worse next year - with both countries seeing a reduction in growth of about 0.5% or more. Before the establishment of the federal income tax in 1913, tariffs were a big money raiser for the USA government.
But countries like South Korea, Singapore and Taiwan could all be affected too because of disruption to supply chains.
Replacing American shipments with coal from other places would not be hard for China, but a loss of business with the world's top importer of the fuel would hurt companies in West Virginia, a state that heavily favoured Trump in the 2016 presidential election.
Kim breaks LPGA scoring record at Thornberry
Her second shot put her on the green but her birdie try was never close and she had to make a tough putt coming back to save par. In the men's PGA Tour , Jordan Spieth and Ernie Els are the only two golfers to finish a 72-hole event at 30-under or better.
Prices are rising, especially for steel and aluminium, and companies are starting to feel reticent about investments or plan to shift production overseas to avoid retaliation against USA exports.
It discussed economic threats and external risks, according to a government statement which added the country has "favourable conditions to win big risk control battles and cope with external risks".
The tit-for-tat trade showdown has already impacted soybeans farmers in the Midwest. In mid-June, Mexico warned it could strike $4 billion worth of USA corn and soy imports if President Trump imposes new tariffs, Reuters reported.
This would inevitably push up prices for Tesla in China, making its vehicles less competitive than they already are, relative to others.
Whatever the reasons, China has been gaining traction.
It's the question I ask every business person I meet, and the answer is typically always the same: nobody knows.
Trade wars can draw blood in several ways. USA shipments have almost ground to a halt since the 25 percent tariffs implemented on April 2.
The back-and-forth trade battle between the world's two largest economies will likely be damaging to the USA economy according to trade experts, ths fact was not lost on the Chinese.
More expensive equipment and parts means United States businesses will see costs rise. That conjures the image of this being a cool, calm, collected game of chess on both sides: Washington and Beijing.
"You start with protectionism and isolationism", says Victor Mills, chief executive of Singapore's International Chamber of Commerce.