Barring a last-minute breakthrough, the Trump administration on Friday will start imposing tariffs on $34 billion in Chinese imports.
Chinese newspapers described the move as a counterstrike in an escalating trade war.
Here's a look at what's happening this week and its likely impact.
"U.S. government facilities worldwide remain in a heightened state of alert", the caution said. China accounts for about half of America's soybean exports, worth about $14 billion annually, CNBC says.
According to the report, the Chinese authorities will allow its tariffs against US products to go into effect starting at 12 a.m. Friday. It won't target the 284 additions, worth $16 billion, until it gathers further public comments.
"Trump has split the West, and China is seeking to capitalize on that".
If the USA starts taxing Chinese imports Friday, Beijing plans to impose 25 percent tariffs on 545 US products worth $34 billion a year - from soybeans and lobsters to sport-utility vehicles and whiskey.
Trump initially threatened to hit China with 25 per cent tariffs on a list of goods worth US$50 billion annually, over what Washington says is the rampant theft of USA technical know-how.
China accuses Washington of protectionism, pointing to the struggles of Chinese companies like China Mobile and telecoms equipment maker ZTE, which briefly shut down in April after the Department of Commerce temporarily banned it from purchasing USA chips. That's hardly a coincidence.
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These penalties would take effect, Trump has said, if Beijing fails to reform its trade practices and proceeds with retaliatory tariffs.
What's behind the U.S.
"While the Trump administration is anxious about gains and losses, Chinese people have unfaltering confidence in China's future".
Implementation is set to start at midnight June 6 in both countries, which gives Beijing a 12-hour advantage on Washington.
China banned all group tours to South Korea for part of 2017 in the wake of Seoul's decision to install the US Terminal High Altitude Area Defense system, which has a powerful radar that Beijing worries can penetrate Chinese territory.
Speaking at a weekly news conference, Chinese Commerce Ministry spokesman Gao Feng warned the proposed US tariffs would hit worldwide supply chains, including foreign companies in the world's second-largest economy. The U.S. also asserts that Beijing uses state money to buy American technology at prices unaffordable for private companies.
A second tranche of 284 goods worth $16 billion is now under review and could be added to the U.S. list. But last week, it dropped that plan. According to translated quotes published by Travel and Leisure magazine, the advisory warned that "shooting, robbery, and theft are frequent" in the United States.
It now runs a large trade deficit with China, its biggest trading partner.
The House has approved a bill to strengthen the CFIUS law, and the bill will likely be considered by a House-Senate conference committee for a Senate-approved defense measure.