The US has already threatened to issue another "tit" for China's "tat", which China announced on Friday by unveiling a slate of tariffs to be unveiled in two stages, not unlike the US tariff rollout. So, while we await the Trump administration's next salvo, Bloomberg is reporting that most analysts are expecting the battle to be "a war of attrition" - meaning things will get much worse before they get better.

Analysts increasingly expect the confrontation to be a war of attrition. While China has shown a willingness to make a deal on shrinking its trade surplus with the U.S., it has made clear it won't bow to demands to abandon its industrial policy aimed at dominating the technology of the future.