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The Trump administration's 25% tariffs are targeting Chinese products such as industrial machinery, medical devices and auto parts.

However, while no details have been provided as yet, it looks like a Chinese retaliation may be in the works. "Now it is pursuing economic hegemony", the English-language newspaper said in an editorial.

A China central bank adviser said the planned US import tariffs on $50 billion worth of Chinese goods - $34 billion plus a planned follow-on list worth $16 billion - will cut China's economic growth by 0.2 percentage points, although the overall impact would be limited, the official Xinhua news agency reported Friday. "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 to clients.

After that, the hostilities could intensify: Trump said the U.S.is ready to target an additional $200 billion in Chinese imports - and then $300 billion more - if Beijing refuses to yield to US demands and continues to retaliate.

The Chinese Foreign Ministry said "retaliatory tariffs" took effect. 34 and then you have another 16 in two weeks, and then, as you know, we have 200 billion in abeyance, and then after the 200 billion we have 300 billion in abeyance.

"After the United States activated its tariff measures against China, China's measures against the U.S. took effect immediately", said Lu Kang, spokesman for the foreign ministry.

He also upped his threat to go further - saying he'd target up to US$500 billion of Chinese goods if they retaliate.

That would bring the total of targeted Chinese goods to potentially US$550 billion - more than the US$506 billion in goods that China actually shipped to the United States past year.

A person with knowledge of the plan earlier told Reuters China's threatened tariffs on $34 billion of USA goods would take effect from the beginning of the day on Friday.

Trump said in March that trade wars are good and easy to win. "To put it simply, the United States is opening fire on the entire world, including itself".

Foreign companies accounted for US$20 billion, or 59 percent, of the US$34 billion of exports from China that are to be subject to new U.S. tariffs, with United States firms accounting for a significant part of that 59 percent, he added.

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It already has sold a more than $1 billion stake in an affiliated timeshare company, Hilton Grand Vacations Inc. Wang, a former CEO of HNA, built his career in the aviation industry, according to his official biography.

But China is not the only country to find itself in Washington's crosshairs lately when it comes to trade.

SEMI, which represents semiconductor companies and others in the manufacturing supply chain for the electronics industry, estimates that the initial round of tariffs will increase costs for its members by between $20m and $35m.

China has vowed to fight back to protect its economy. It equated the United States move to bullying and warned that globally it would trigger market turmoil, hamper economic recovery, and pose a "grave threat" to the security of industry and value chains.

"On the US's so-called list of $34 billion in taxable products, about $20 billion or 59 percent of them, are made by foreign invested enterprises, with American companies representing a significant portion", said Gao.

The United States is "opening fire" on the world with its threatened tariffs, China warned on Thursday, saying no one wants a trade war but it will respond the instant USA measures go into effect, as Beijing ramped up the rhetoric in the heated dispute. If the U.S.is determined to escalate conflicts with China, then so be it.

"They're holding everything ... because there's uncertainty", he said.

"I would be ready to support negotiations on reducing tariffs, but we would not be able to do this only with the USA", she said.

But reaching a deal that's palatable to both sides will be tough. "For example, my auto is from America".

Analysts say China is unlikely to budge on those plans, which it sees as crucial for developing its huge economy.

"I will try my best to support domestic products".