As Trump's tariffs loom, analysts say China is better prepared than ever for a trade war with the U.S.

Hong Kong — The pounding of drums has rung out across China this week, intended to ward off evil spirits in a centuries-old tradition as the Chinese welcome the lunar new year. This year, new year hopes for prosperity are of even greater importance, as China braces itself for Trump 2.0.

"China hopes for the best and prepares for the worst," Dr. Henry Wang, an adviser to the Chinese government and the founder and president of the Center for China and Globalization, told CBS News. He said officials in Beijing were deeply concerned by President Trump's rhetoric on the campaign trail.

Mr. Trump threatened, before taking office, to impose tariffs of up to 60% on all Chinese imports.