What weapons would China wield in a trade war?

In the event of a trade war with the US, China’s response would go well beyond tariff increases. US companies would find their products and operations in China subject to tighter regulation that hampered their capacity to do business there. China’s government would loosen policy to offset any shortfall in export demand, directing particular support to exporters, for example through tax rebates. A large currency devaluation would, we suspect, remain a last resort.