“The U.S. and China are now in the most dangerous period in the past 40 years,” Lu Xiang of the prestigious Chinese Academy of Social Sciences told Bloomberg. “Mr. Trump put a knife on our neck. We will never surrender.”
In Beijing, what Americans call a “trade war” is now considered an existential struggle, an attitude revealing fault lines in Chinese political circles. As a result, no one should expect a quick settlement of the dispute.