After three months of bluster and huge tariffs on both sides, Beijing and the Trump administration are softening their language on holding negotiations.

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.