Tuesday was a day of days for China when Trump all but declared a 'trade war' against them. On that day, the US president announced a series of tariffs to be implemented on about $200 billion in Chinese imports.

China took only a few days to formulate a response. The latest reaction from the Chinese government says that China is looking for other ways to 'hit back' in reaction to the restrictions imposed upon them. While the government admits that it cannot hit back in a dollar-for-dollar capacity, it said it can do so in various other ways-creative ways-that can hurt the US real bad.

China's commerce is dependent on US imports, particularly in the assembly sector. Reuters UK reports that China's reaction was one of 'shock' and that it would take the case to the World Trade Organization. However, in the case of Beijing's counter to US actions, no word was heard from government officials. It did say, though, that it wouldn't take the US government's 'bullying' lightly.

The US had a list on-hand of items which they would impose tariffs on. These are thousands of Chinese goods, the value more than what China can afford if it decided to fight the US currency for currency. Most of the items that were hit were furniture and computer peripherals like network routers and various other components used in assembly.

As for their answer to the US tariffs, China had interesting plans.

In the US, for example, chipmaker Qualcomm is in a round of talks to acquire NXP Semiconductors. The shares of the said company are down 4 percent and Qualcomm is interested in acquiring the company. Everything has been laid down and approved by most governments. The only thing missing was one government's signature for the deal to push through-that of China, specifically, the nod of Chinese regulators.

This was what China looked into, according to CNBC, as it looked for an answer to the tariff imposition. If they cannot hit back through the dollar, China will take the fight to hold corporate mergers and license approvals back. In this way, the Chinese government can pressure the Trump administration to ease up on the tariff.

Some experts say that while Trump may see a trade war as a boon to the US, the economic fallout might quickly change that.