"The United States has waged the biggest trade war in economic history against the rules of the World Trade Organization", China's Commerce Ministry said in a statement, describing the USA tariffs as "textbook trade hegemony".
Not long after U.S. tariffs on $34 billion worth of Chinese goods kicked in, the Chinese government has responded by imposing its own 5% tariff on 545 United States products, also worth a total of $34 billion.
The first ever USA tariffs aimed just at China will likely rally Trump's voters who agree with his "America First" argument that Beijing hasn't played fair for years, stealing America's intellectual property and undercutting its manufacturers.
Beijing insists it's the injured party.
Soybeans are on the hit list of American goods now being targeted by Chinese tariffs that went into effect Friday after the US implemented a raft of duties earlier in the day and President Donald Trump threatened more action.
Canatella says since the trade dispute began, he's lost about $100,000 dollars just because of market uncertainty.
The fight could also affect other parts of China-US relations.
The big question is how far the hostilities between Washington and Beijing will go.
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China's foreign ministry in Beijing said that tit-for-tat duties on US goods took effect straight away after Washington's 25 percent tariff on $34 billion worth of Chinese goods kicked in at 12:01 a.m. EDT on 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. When a government or economic bloc (such as the EU) imposes a tariff on a particular product, importers pay the levy as a percentage of the total value of the product to the customs agency of that country, at the point of entry. "So we have 50 plus 200 plus nearly 300", he said. "As the tariff casualties mount, even many Trump voters are going to ask: When is the master negotiator actually going to negotiate a better trade deal?"
That would bring the total of targeted Chinese goods to potentially $550 billion - more than the $506 billion in goods that China actually shipped to the United States past year.
The American Chamber of Commerce in China appealed to both sides to negotiate a settlement.
"Soybeans are the top agriculture export for the United States, and China is the top market for purchasing those exports", said John Heisdorffer, president of the American Soybean Association (ASA), in a statement.
Despite three rounds of negotiations between the two sides, including a Chinese pledge to significantly increase purchases of American products, Trump made a decision to go ahead with the tariffs.
And despite dire warnings about the impact on the US, Trump believes the robust American economy can outlast its rivals in the current battle.
A trade dispute between the United States and China escalated on Friday, but Wall Street focused on a solid jobs report instead. Trump has threatened to hit back with vehicle tariffs of 20%, which would be highly damaging for the German auto industry.
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.
It also accused the United States of resorting to "typical trade bullying". "It's not clear to anybody, I don't think, what the end game is here, what President Trump hopes to accomplish".