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Investors fretted about the escalating trade battle between the world's two largest economies during Tuesday's abbreviated trading session.

China said Thursday it won't tolerate "threats and blackmail" as it prepares for the U.S.to implement tariffs on billions of dollars worth of Chinese goods.

China proposed launching joint action against the United States at the World Trade Organization (WTO), EU officials and diplomats told Reuters ahead of a Sino-European summit in Beijing on July 16-17. Ian Bremmer, CBS News contributor and president of the Eurasia Group, joins "CBS This Morning" to discuss what to expect.

"As long as the United States issues a so-called tariff list, China will take necessary measures to firmly protect its legitimate interests", he added, without elaborating.

In April, Beijing vowed to retaliate by placing matching tariffs on USA goods worth roughly $50 billion. "Security personnel have detained and/or deported US citizens for sending private electronic messages critical of the Chinese government".

In this March 29, 2018, photo, Chinese Ministry of Commerce spokesman Gao Feng listens to a reporter's question during a press conference at the Ministry of Commerce in Beijing.

It lasted three hours, said AmCham China President Alan Beebe, and many executives wondered: "Am I being singled out?"

A Chinese government spokesman has said Beijing "will not bow in the face of threats and blackmail" on the eve of US tariff hikes and will defend its interests.

"The US's measures are essentially attacking the global supply and value chain".

The clash with China comes as the Trump administration is also fighting over trade with American allies such as Canada and the European Union.

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As the world's most powerful economy, the U.S. plays a vital role in global economic and trade rule-setting and it is always able to find seemingly plausible reasons for its initiative targeting China.

Chinese stocks slipped on Thursday and the yuan gave back some of its recent gains against the dollar as a targeted cut of reserve requirements for banks took effect amid heightened the trade tensions.

China's second-quarter economic growth is expected to have slowed slightly from the previous quarter, a Reuters poll showed, as policymakers seek to mitigate the impact from a de-risking drive and the trade dispute with the United States.

The change means China won't begin levying USA exports before Friday afternoon, Beijing time.

Kennedy say he thinks the Trump administration's enthusiasm for the conflict "will erode as the economic pain and political fallout from a trade war begin to take hold".

China also has plans for a second round - but no start date - that would affect $16 billion of such U.S. goods as chemicals, coal, crude oil and medical devices.

"There is a chance the company will lose money and might go bankrupt", said Tong.

Tariffs imposed so far by all sides affect about $60 billion of goods, or 0.3 per cent of world trade, according to Slater.

"Frankly, I don't know what action China could take at the moment that would allow the United States to not impose tariffs", the United States source said, adding that there was no evidence the two governments had any substantive engagement at the moment that could lead to the shelving of duties.