At the time of writing, the US has not denied China's claims that it has been attempting to initiate talks. But the fact that both sides have now made that assertion indicates there is "some sort of contact", according to Mr Chong.

That stubbornness has given China unaccustomed power over America’s immediate economic fate. If it reaches out to Mr Trump, the worst could be averted. If it does not, the storm will soon return. All signs suggest China’s leaders are not ready to relieve the suspense just yet. They may even be quite enjoying it.

Microsoft announced steep price hikes for U.S. customers on its aging line of Xbox consoles Thursday, a move that appears to have little precedent in the industry, and which some analysts blamed on manufacturing turmoil caused by President Donald Trump’s tariffs on China.