The article deals with the main arguments and perspectives on the trade war between the U.S. and China that are circulating in the expert field and policy making community of both countries. Trump’s opponents argue that globalization, international division of labor, the innovative strong points of the U.S. economy could not be changed overnight. Those strong points are quite visible and very profitable in the economic ties with China. Protectionist instruments will not be able to slow down substantially China’s economic and technological growth. Chinese experts argue that the U.S. trade deficit is not the result of China’s «theft». Deficit has grown up due to various structural deficiencies of the U.S. economy, the lack of balance between the accumulation and consuming habits of the U.S. citizen. The U.S. blaming China in technological “blackmail” and making pressure on foreign businesses in China is not true. China’s industrial policies in general are based on the WTO special rules and transition periods, that China negotiated for itself before joining this organization in 2001.