Can Trump's tariffs and a trade war with China correct years of imbalance, or just bring misery all around?

Zhejiang, China — Smartly dressed, 42-year-old businessman Qian Weiguang gets out of his black Mercedes van, eager to check on the status of operations. He's just driven an hour from his showroom and is keen to show our CBS News team his newest factory — one of three he has in a sprawling industrial area outside the city of Yiwu in China's central Zhejiang province.

The region is one of, if not the largest manufacturing hub for small items in the world, cranking out everything from artificial flowers and kitchen units to hair accessories and car engine parts. Buyers from across the globe descend on the city of 2 million to source products, place orders and arrange for goods to be exported to their home countries.

Qian's main business is producing insulated water bottles and coffee cups, as well as artificial Christmas trees and party supplies. He started in 2002, a year after China officially joined the World Trade Organization. While his focus was initially the Chinese domestic market, he started exporting after about five years, and he hasn't looked back since.