Twenty-five percent US tariffs took effect at midnight and affect more than 800 Chinese products - including industrial machinery, office equipment, electronics, medical devices and vehicles. They kicked in just after midnight ET, which is noon in Beijing.
Retaliatory measures "took effect immediately", Chinese Ministry of Foreign Affairs spokesman Lu Kang (陸慷) said.
"Meanwhile, American consumers will pay more for cars and health care due to USA tariffs on Chinese-made auto parts and medical instruments", they continued.
Beijing insists it's the injured party.
Other analysts added the political relationship between Washington and Beijing is expected to worsen, possibly affecting security policy in Asia, as the United States and China have been at odds over Taiwan and the South China Sea.
That would bring the total of targeted Chinese goods to $550 billion - more than the $506 billion in goods that China shipped to the United States past year.
Until then, Heck said the only option for farmers is to wait and see whether the world's two biggest economies settle the tariff discussions. The U.S.is effectively requiring Chinese leaders to abandon or scale back a high-tech push that they consider vital to their country's future.
"John Heisdorffer, an Iowa soybean farmer and president of the ASA, warned of the impact of the tariffs on farmers".
The big question is how far the hostilities between Washington and Beijing will go. US tariffs on another $16 billion of Chinese goods are due to go into effect in two weeks, Trump said on Thursday.
The analysts say that Beijing could suddenly make it very hard for US companies to operate in China, whether it be getting contracts, licenses or regulatory approvals. On Thursday, he suggested the possibility of tariffs on nearly $500 billion more of Chinese goods. He said the final list of covered imports will be announced by June 15, 2018. That hands Chinese President Xi Jinping room to impose penalties such as customs delays, tax audits and increased regulatory scrutiny if Trump delivers on his threat of bigger duties on Chinese trade.
That would bring the total of targeted Chinese goods to potentially $550 billion which is more than the $506 billion in goods that China shipped to the U.S. past year.
Because products that are made in China - from Apple products to Nike ones - are going to get expensive, and be more expensive on the shelves of Walmart for everyday American consumers.
Acadiana soybean farmers are bracing for the worst case scenario after China imposes tariffs on American products.
"You saw with China, $50 billion and another $200 billion frankly is waiting", he said at the rally in Great Falls, Montana, referring to envisaged additional 10 percent tariffs on $200 billion in Chinese imports.
Several southern states, many of which also backed Trump in the election, also risk being hit. Heidi Heitkamp, D-N.D., highlighted further uncertainty caused by the renegotiation of the North American Free Trade Agreement and tariffs on steel and aluminum imports. He has threatened to impose another set of tariffs, worth $16 billion, later this month.
"I don't see this ending well", she said.
Both the United States and China imposed punitive tariffs on each other's exports today in what Beijing calls "the biggest trade war in economic history".
"If this continues, the Chinese will just look elsewhere and build either indirectly or directly, additional investments to meet their domestic demand and we could conceivably", he said, "lose that market forever".
"This plays out over the next few months, until both sides start to feel a little pain and realise this isn't a bloodless march to victory", said Harris.