Hours later, China's Ministry of Commerce vowed to take "countermeasures" and said it "will fight to the end" of the trade war. Two top Chinese bloggers leaked some of those potential countermeasures on Tuesday. 

A flurry of headlines overnight helped stabilize Asian equity markets. According to Goldman analyst Shubham Ghosh, some of those headlines included, "Consumption boost, leadership onshore willing to front-load stimulus, PBOC vowing sufficient funding, all adding up." 

"Onshore A-shs had a much better price action where the start was slow and it gradually picked up momentum towards the close – National team support speculated as notably combined turnover of the ETFs favoured by them hit a massive 92 bn Yuan," Ghosh told clients. 

We detailed overnight the commerce ministry's threat to take "countermeasures" to defend its "rights and interests" should Trump fire off another round of tariffs. One key line from the ministry should keep traders up at night:

"China will never accept this. If the U.S. insists on going its own way, China will fight it to the end."

In addition to the commerce ministry's comments, two top Chinese bloggers have potentially leaked Beijing's next moves, which could target everything from U.S. poultry and agricultural goods to Hollywood films—and even include a suspension of China-U.S. cooperation on fentanyl-related issues.

Bloomberg noted that Liu Hong, a senior editor at Chinese media outlet Xinhuanet, and Chairman Rabbit, the social media handle for Ren Yi, the Harvard University-educated grandson of former Guangdong party chief Ren Zhongyi, released an identical set of countermeasures that Beijing has mulled over to counter Trump. 

Hong operates the account Niutanqin, which listed the potential countermeasures:

We have also received some latest news on specific countermeasures against US tariffs . China has prepared at least six major measures.

1. Significantly increase tariffs on U.S. agricultural products such as soybeans and sorghum.

Sources said that in view of the recent bullying behavior of the United States, China is considering significantly increasing tariffs on U.S. agricultural products such as soybeans and sorghum.

2. Prohibit the import of U.S. poultry meat into China.

Sources pointed out that in view of the frequent outbreaks of avian influenza in the United States, relevant parties strongly recommended that China ban the import of American poultry to ensure the food safety of the Chinese people.