EACH DAY President Donald Trump changes the terms of his commerce struggle with the world. One fixed, although, is Mr Trump’s confidence that America can win a pain-infliction contest with China. The president’s self-assurance displays a cherished perception: that earlier leaders allowed China to steal American jobs and industries via a mix of naivety and greed. To listen to Mr Trump inform it, as quickly as tariffs on Chinese language items chew, commerce flows will begin to rebalance. Trump aides downplay the sky-high tariffs that China has imposed on American items in retaliation. Leaders in Beijing will blink, the treasury secretary, Scott Bessent, not too long ago predicted: “I consider it’s as much as China to de-escalate as a result of they promote 5 instances extra to us than we promote to them.”
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