Business ReportMID-DAY: China prepares to bite back against US tariffs; jobs reports for Canada and the US coming tomorrow SHARE ON: James Bowler, contributor, Thursday, Jul. 5th, 2018 Tensions are rising as the US prepares to take on China’s unfair trade practices. Chinese officials are preparing for a trade war with the US as the White House is set to slap China with $34 billion in tariffs tomorrow. Chinese officials say they’ll be retaliating in kind when the tariffs come into effect.In North American markets the Dow is gaining 79 points to 24,254. Across the border it’s a different story for Bay Street as the TSX is sliding 65 points to 16,239.Today traders will get a clear picture on the decision behind raising the interest rate in the US. The minutes from the Federal Reserve meeting will be released and could give stronger indication on whether two more interest rate hikes are coming this year.Tomorrow jobs reports will be released for both sides of the border.Ahead of that report, the Loonie is gaining slightly to 76.21 cents US.US crude is gaining to 74.15 a barrel.