Well, that is Beijing's take on President Donald Trump's decision on Friday to impose tariffs worth US$34 billion on a range of Chinese imports, including high-tech equipment and industrial machinery.
Minutes later, China's commerce ministry released a statement (link in Chinese) saying the United States had just "launched the largest trade war in economic history to date".
The Commerce Ministry on Friday criticized Washington for "trade bullying" following the tariff hike that took effect at noon Beijing time in a spiraling dispute over technology policy that companies worry could chill global economic growth. He said that would rise to a full 4 per cent of the global total if Washington, Beijing and other governments follow through on tariff threats.
But when they realized the 12-hour time advantage the Asian country has over the USA, they backed down a bit, according to a report.
It is unclear how long the trade war will last.
"But the country will encounter more barriers in future development, to which we should learn to adapt", it said.
With only $130 billion in USA imports to retaliate against, Beijing has said it will take "qualitative" and "quantitative" measures against the United States, triggering fears it could cripple the operations of U.S. multinationals in China. Asian equities wobbled but also managed to end up. "At a juncture where the global economy is finally beginning to generate sustained economic momentum following the global financial crisis, the uncertainty created by a proliferation of trade restrictive actions could place economic recovery in jeopardy", the WTO report said, adding that the world trading system was built to resolve such problems but the escalating tensions were a threat to the system itself, and G20 economies needed to use all means at their disposal to de-escalate the situation and promote further trade recovery.
Importers of American retail goods hit by higher Chinese duties were reluctant to pass the costs on to consumers for now.
An analysis of over four dozen imported U.S products facing higher duties showed that prices were little changed on Friday afternoon versus earlier in the week.
DeMarcus Cousins says conversations with Warriors All-Stars sealed his shock move
It's unclear when Cousins will return, how effective he'll be when he does, and how he'll fit with the Warriors once he returns. DeMarcus Cousins averaged 25 points, 13 rebounds and over five assists per game at the time of his injury.
Kevin Durant alternative to Kawhi Leonard… but there’s a catch
If the Lakers want any chance of competing with the Warriors next season, they'll have to add some more pieces around James. It has been reported he attempted to persuade Kevin Durant to join him in LA, thus weakening the Warriors.
Cesc Fabregas' brutal reaction as Spain crash out to Russian Federation
Iniesta stepped up first and scored, Smolov replied but David De Gea got a fingertip to it. Pique scored his and Ignashevich, who was superb after his own goal, coolly replied.
"China will never fire the first shot", Gao said.
The United States "will implement specific investment restrictions and enhanced export controls for Chinese persons and entities related to the acquisition of industrially significant technology", the White House said in a statement.
"They're holding everything. because there's uncertainty", he said.
As the world's most developed nation and the rule-maker of the current global governing system, there is "astounding absurdity" in the USA complaining that it's been bullied in trade, the People's Daily, the flagship newspaper of the Communist Party of China, said in a Chinese-language commentary on Friday.
China's commerce ministry accused the United States of launching the "largest trade war in economic history-".
China also has plans for a second round - but no start date - that would affect $16 billion of such USA goods as chemicals, coal, crude oil and medical devices.
The official China Daily newspaper accused the Trump administration of "behaving like a gang of hoodlums".