On Wednesday, following the U.S. recently announcing tariffs targeting China, Beijing announced tariffs of its own on 106 U.S. products. The 25% levies would amount to roughly $50 billion of American goods annually, according to China’s Ministry of Commerce. An effective start date for the new tariffs was not set. Coming close on the heels of President Donald Trump’s list of tariffs on Chinese imports, China’s move intensified concerns of a trade war between the world’s biggest economies.

A trade war between China and the U.S. could have consequences for the promotional products industry, since tariffs on imported Chinese goods could potentially raise the price of promo items sold in North America. Promotional products execs have been, for the most part, taking a wait-and-see approach to the issue.

Peter Oppenheimer, Goldman Sachs’ chief global equity strategist, told CNBC that the economic shots fired from both sides constitute “a trade battle at the very least,” if not yet an all-out war. “I think the anxiety the market is reflecting is that it could escalate into a generalized (trade) war.”

U.S. imports targeted in China’s new tariffs include soybeans, cars, whiskey, chemicals and beef. All 106 items are listed here. Trump’s tariff list of roughly 1,300 Chinese imports included products used for robotics, information technology, communication technology and aerospace. Trump has said the tariffs are an attempt to crack down on what he sees as China’s unfair trade practices.

In a tweet early Wednesday morning, President Trump denied that the two global powers were headed toward a trade war.

We are not in a trade war with China, that war was lost many years ago by the foolish, or incompetent, people who represented the U.S. Now we have a Trade Deficit of $500 Billion a year, with Intellectual Property Theft of another $300 Billion. We cannot let this continue!

— Donald J. Trump (@realDonaldTrump) April 4, 2018

Still, the #TradeWar was a trending topic on Twitter throughout Wednesday, with analysts – both of the professional and the armchair variety – weighing in.

Tony Nash, founder of analytics firm Complete Intelligence, said China’s retaliation is posturing, rather than a signal that a trade war has begun.

#TradeWar China's response seems angry rather than calculated. Seems to me they've forgotten how to negotiate. Rising powers lose key skills when they transition from weak state status.

— Tony Nash (@TonyNashOnAsia) April 4, 2018