Global tariff wars?

In response to earlier U.S. tariffs announced last week, China retaliated with its own set of measures, including reciprocal tariffs, rare earth export controls, and market stability actions. China has also deployed its economic heavyweights - the central bank, sovereign wealth funds, and financial regulators - into the fray. What other tools does China have up its sleeve? How will China respond to Trump's latest tariff escalation? What chances are there now of a negotiated settlement?