Pure mercury, we're already in an economic war. The US used to be the predominant manufacturing power, by a wide margin. But we have given that away under the guise of free trade. Free trade doesn't help American laborers. It hurts them by forcing them compete directly with laborers in nations with low standards of living. Sure, we get some cheap products as a result, but the benefit (cheap junk from China) isn't worth the cost (an economy with little substance, that is completely dependent on consumer spending). If things don't change, the inevitable result of this policy is that American workers will be paid at the same level as workers in third world countries. Is it really worth conforming to a particular ideology if this is the result? I don't think so.
We could lower our corporate income tax rate to 0, and companies would still move jobs out of the country. The corporate income tax rate is a red herring, to divert attention from the real problem.