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.

Howard Lutnick, the wealthy financier Trump has picked to lead the Commerce Department, said he favored “across the board” tariffs and faced grilling about his financial ties in a nomination hearing Wednesday.

President Donald Trump on Tuesday warned that even more tariffs could be coming as soon as next week: This time China was his target, as Trump threatened to unleash a wave of higher taxes on imports from America’s second-biggest trading partner.