Trump calls tariffs America's "big power over China," but analysts say Beijing may be better prepared than ever to engage in a trade war with the U.S.

In the run up to the election Trump, who described tariffs as "the most beautiful word in the dictionary," vowed hikes as high as 60 percent on Chinese goods, saying this would not only protect domestic industries but serve as critical tax revenue. Economists have pointed out such a move would raise costs for American consumers.