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.

President Donald Trump on Wednesday acknowledged that his tariffs could result in fewer and costlier products in the United States, saying American kids might "have two dolls instead of 30 dolls," but he insisted China will suffer more from his trade war.

Steep U.S. tariffs are starting to squeeze the Chinese economy.