China has sought the moral high ground during the increasingly bitter build up to the trade war by positioning itself as a champion of free trade but state media has now ramped up the rhetoric against the US President.
So let's mark the start of the conflict with a collection of some of the most illuminating quotes from the Chinese and American camps-bear in mind that the Chinese administration's views are generally expressed through state media-and from observers of the spat, who are anxious about where this will go. "The trade relationship between the United States and China must be much more equitable".
Major currencies were treading water as traders fretted about the fallout of the intensifying trade frictions between Washington and the rest of the world.
Trump started the war but it is unclear how he envisages it ending without China volunteering to both significantly damage its own economy and its leadership suffering humiliation in the process. In January, its Chinese partner, Sinovel Wind Group, was convicted in a US court of stealing AMSC's trade secrets. Beijing said it had no choice but to respond in kind, but was yet to outline the full extent of any retaliatory measures. Foreign business groups argue that Made in China 2025 is unfairly forcing them to the sidelines in those industries.
Substantial they may be, but the average USA consumer will likely not see these impacts directly for a little while.More news: Pakistani authorities arrest ousted premier Nawaz Sharif's son-in-law
China sources a lot of components that go into its finished goods from these other countries.
The Chinese government appeared to be looking towards the longer term as well, unveiling a new tax plan earlier this month that will boost household consumption and ease savings levels, which will help with its economic restructuring but also mitigate effects of a trade war.
In 2017, Trump vetoed the sale of a USA semiconductor manufacturer to a Chinese investor as a threat to national security after Washington concluded the financing came from China's government.
The influential US Chamber of Commerce, with headquarters just steps from the White House, urged Trump this week to reconsider his actions, saying the counter-tariffs now affected $75 billion in American exports and endangered US jobs. The head of the European Commission, Jean-Claude Juncker, said Mr Trump's fixation on a U.S. trade deficit in goods ignores a services surplus.
US President Donald Trump told reporters on Thursday that US tariffs on an additional $16bn in Chinese goods are set to take effect in two weeks.More news: Fox falls short in playoff
"The United States has blatantly violated WTO rules", said Hu, the foreign ministry spokesman.
The Labor Department said that US employers added 213,000 jobs in June. USA pork already had a 12% tariff on exports to China.
The two countries increasingly have engaged in verbal sparring in recent months, but Friday's pair of haymakers has dramatically escalated the trade dispute - and that has investors across the world anxious about what comes next. "But it is applying the brakes to a global economy that has less durable momentum than appears to be the case", Rob Carnell, chief economist at ING, said in a note.
The company, known as AMSC and based in MA, was reeling after a Chinese partner stole its technology - the electronic brains that run wind turbines. But EU officials expect any moves to be more symbolic than substantive.
BMW warned in a letter to Commerce Secretary Wilbur Ross on Friday that tariffs would make it harder for it to sell in China the vehicles it builds at its factory in Spartanburg, South Carolina, "potentially leading to a strongly reduced export volumes and negative effects on investment and employment in the United States".More news: Samsung to launch Galaxy S10 Plus with five cameras