President Trump told CNBC's Joe Kernen in an interview that he's "ready" to take the looming U.S.-China trade war to the next level and put tariffs on every Chinese good imported to the U.S. — worth $505.5 billion.

The big picture: China "won't be able to come close to the U.S. in a tit-for-tat battle," writes CNBC. But, China has an arsenal of trade war weapons aside from tariffs that it's ready to use in the case of an escalated trade war.