That should have been a wake-up call for Beijing.
Mr Trump's defiance is rooted in decades of viewing the Chinese as economic villains and driven by his desire to fulfil a core promise from his 2016 campaign: that he would dramatically overhaul the US-China relationship. "I want to see us be tough on intellectual property rights with China and currency manipulation and so on".
"Markets were prone to a selloff after a good start to the year on expectations of policy easing from central banks and no escalation of trade tensions, and it's this latter pillar that has come away". "Hopefully China will do us the honor of continuing to buy our great farm product, the best, but if not your Country will be making up the difference based on a very high China buy.This money will come from the massive Tariffs being paid to the United States for allowing China, and others, to do business with us".
And the cross-Pacific showdown may last longer than anyone expected with neither leader willing to back down. But Mr. Trump's tone and rhetoric, while arguably appealing to his supporters, risk backing China's leadership against a wall.
Relations between Washington and Beijing have been tense since US President Donald Trump decided last June to impose 25 percent tariffs on $50 billion worth of Chinese goods in a bid to fix the US-Chinese trade deficit.
But China does not have as much leverage over the United States as it might seem because large parts of that surplus are in tourism and education, areas that would be more hard for the Chinese government to significantly roll back, James Green, a senior adviser at McLarty Associates, told Reuters.
Our economic strength against China's relative weakness gives Trump leverage in this standoff, and he is using it.
"China's economy is fundamentally different- even unique", Mark Wu of Harvard Law School wrote in an influential 2016 paper.
Trump already directed that the USDA pay out $12 billion to farmers previous year who said they were rapidly losing funds because of new import penalties from China.
Agreeing to US demands to end subsidies and tax breaks for state-owned firms and strategic sectors would also overturn China's state-led economic model and weaken the Communist Party's grip on the economy, they said. And the Chinese population is aging rapidly as birthrates are falling, which means the workforce is becoming smaller and less productive.
"We can make a deal with China tomorrow, before their companies start leaving so as not to lose United States of America business, but the last time we were close they wanted to renegotiated the deal".
But when broader trade talks faltered last week and Trump slapped 25 percent tariffs on $200 billion in Chinese goods, China immediately moved to retaliate, and a number of USA farm products will be impacted.
While Republicans are reluctant to cross Trump on tariffs, Rep. Lizzie Fletcher (D-Texas) took to Twitter yesterday to decry the impacts of the China fight on her Houston-area district, which is home to major oil and gas companies. American businesses and consumers are paying.
President Xi Jinping faces failure to meet the Communist Party's long-term growth target of doubling 2010 gross domestic product by next year on the back of the hit from Trump's new tariffs, according to a survey of economists. "We'll let you know in three or four weeks if it's successful", he said, according to NBC News. In April 2018, the growth rate was 1.6 percentage points higher at 7%.
The decision, according to Reuters, has been made amidst new threats from Trump, who has warned that he will impose tariffs on all Chinese imports to the United States if Beijing refuses to submit.
"Tariffs and trade wars are so bad for the US economy".
China has used its WTO membership to flood other countries with exports, while limiting foreign access to its own market. Every American should be standing behind the president as he does so - just like Chuck Schumer.