If the U.S. imposes new, more targeted, tariffs on China, retaliation from the country seems almost inevitable, says Danske Bank chief analyst Allan von Mehren. And there’s a number of different ways the response could unfold.

Some areas of trade are uniquely politically important to President Donald Trump, such as agriculture and manufacturing, and could thus be at the top of the list for a meaningful response to any further protectionist measures. Danske’s von Mehren also cites Beijing’s vice-foreign minister who previously said China wasn’t just going to sit on the sidelines if U.S. trade measures hurt its Chinese interests.

So, where is it that China could hit back?

1. Soybeans

“China is the biggest buyer of U.S. soybeans, accounting for 60% of U.S. soybean exports,” von Mehren wrote, adding that if China turned its back on American produce, it could turn to other large exporters such as Brazil and Argentina.

2. Beef

Thanks to a celebrated deal struck between Trump and President Xi Jinping last year, the U.S. began exporting beef to “the fastest-growing meat market in the world,” after a 14-year hiatus. But China could walk back on the deal, closing its doors once again to U.S. meat.

3. Aircraft

Boeing Co. BA, -2.97% aircraft are another major export to China. But if need be, it would be an easy switch for the People’s Republic to turn Boeing’s European competitor Airbus EADSY, -6.43% to buy its planes.

4. 2017 trade deals

In fact, 300 Boeing aircrafts worth $37 billion were part of the November 2017 trade deals that totaled $250 billion. "However, the deals were reported to be mainly in the form of memoranda of understanding, and China could choose to walk away from some of these,” wrote von Mehren.

5. Grains

Besides soybeans, grain such as sorghum are also big U.S. exports with the Far East as their destination. In fact, China launched an anti-dumping probe into sorghum exports just two weeks following the announcement of U.S. tariffs on washing machines and solar panel that kicked off Trump’s recent protectionist measures, von Mehren said. The analyst said those moves by Beijing had the air of retaliation.

6. Treasurys

China is one of the biggest buyers of U.S. debt TMUBMUSD10Y, 0.663% in the world, such that selling a big chunk of its holdings could distort the market and cause the Treasury yield, which moves inversely to prices, to spike. However, selling Treasurys would likely not be a first course of action for China, as such a tactic would potentially devalue the country’s existing holding of U.S. government paper.

Danske Bank Research

7. Broad tariffs

Of course China could also institute a broad basket of duties of its own on U.S. goods, notably on telecommunications goods or apparel, rather than targeting specific products.

8. Consumer boycott

The Chinese consumer market is thought to have enormous untapped potential, but Chinese buyers could turn their backs to the U.S. This would particularly hurt car sales into China, which were worth close to $10 billion in 2017, von Mehren said.

“A similar effect is not possible in the U.S., as China exports very few consumer brands to the U.S.,” he added, as most brands going the China-U.S. route are actually U.S. brands to begin with.

9. U.S. foreign investments

China could also make it harder for U.S. investors to get involved in Chinese opportunities, such as in its financial sector, eliminating it as an investment destination.

10. Rare minerals

Finally, “China has close to a monopoly in the 17 rate earth minerals, with around 90% of global mining,” said von Mehren. These minerals are used in technology products such as cellphones, displays or atomic batteries.

All this could “make it expensive for Trump to launch protectionist measures—both economically and politically,” he said. However, China was unlikely to launch a full-on trade war straight of the bat, as it would likely have a negative effect on the Chinese economy as well, von Mehren added.