>> In less than 24 hours, Washington's set to slam Beijing with tariffs on $34 billion in Chinese imports. But China's commerce ministry delivered a stern warning on Thursday. Saying Donald Trump's tariff threat was risking the whole global economy.>>
> To put it simply, the US is opening fire on the entire world, including itself.
>> Just a day before, Chinese state media put it in even clearer terms, saying a trade war would bring chaos to the world. Reuters Ben Blanchard has been following China's ramped up rhetoric from Beijing.>> China has very much been playing the victim here when it comes to this dispute.
China keeps pointing out that we are a supporter of global rules, we are a supporter of free trade, we will open our markets wider and wider, etc. However the message that you actually hear from business community here, is doing exactly the kinds of things that the Americans are trying to force them to change.
In other words, lack of market access, forced technology transfers, unfair competition, lack of protection from intellectual property rights, things like that.>> American tariffs are due to go into effect at 12:01 AM US East Coast time on Friday. China said on Thursday, if the US does follow through, they will retaliate in kind right away.
>> The main initial targets of China's retaliatory tariffs is going to be agriculture, specifically soybeans. The soybeans is very significant because of the soybeans that they import from United states tend to come from red states in the Mid West. So China is hoping that by targeting this it is really sending a message straight into the Trump heartland that if you come after us, we are also going to go after you and we are going to hit you were it hurts.
>> As the hours wind down, global market show their nerves. Asian stocks fell for the fourth straight day Thursday. Earlier in the week, China's Yuan traded in its lowest level in nearly a year. On Wednesday, the WTO warned the trade barriers being erected by major economies could jeopardize the world's economic recovery, and that the cracks were already starting to show.