The world's two biggest economies are on the brink of an economically destructive trade war. Here's what experts think could happen next.

The first punches have been thrown between the United States and China in what could amount to a short-lived trade dispute with limited economic fallout or the start of yet another lengthy and painful trade war reminiscent of President Donald Trump’s first term.

Beijing has made its decision. After days of warning of counter measures and urging Washington to enter negotiations and "meet China halfway", it has decided to hit back – or at least threaten to retaliate with its own tariffs.

Since Trump’s first term, they have been adapting their approach to the United States, and they have spent the past three months further developing their strategy to anticipate, counter, and minimize the damage of Trump’s volatile policymaking.

China's finance ministry said it would impose levies of 15% for U.S. coal and 10% for crude oil, farm equipment and some cars.