No one is backing down. Both sides have a lot to lose (respect, reputation, and credibility).
Xi just made the following comment on CNN.
I expect the Nasdaq 100 to turn quite red again. Especially stocks with a high proportion of Chinese imports, like Apple, Broadcom an Tesla..
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China 🇨🇳 President Xi, in his first public comments on the escalating trade war with the U.S., said, “There are no winners in a trade war, and going against the world will only lead to self-isolation.”
“For over 70 years, China’s development has relied on self-reliance and hard work — never on handouts from others, and it is not afraid of any unjust suppression.”
“Regardless of how the external environment changes,” Xi said, “China will remain confident, stay focused, and concentrate on managing its own affairs well.”
(via CNN)