After a steep decline in American equities following US President Donald Trump’s threat to impose 100% tariffs , a familiar script seems to be playing out — China standing firm against threats, signalling its willingness to bear the tariff heat, and Trump moderating his aggressive rhetoric.

In a sign that Trump may not make good on his threats of 100% tariffs on China, he said on Sunday: “Don’t worry about China, it will all be fine! Highly respected President Xi just had a bad moment. He doesn’t want depression for his country, and neither do I. The US wants to help China, not hurt it.”

Reacting to the tariff threats, the Chinese embassy in the US said: “China’s position on the trade war is consistent: we do not want it, but we are not afraid of it.” In one of its most direct respon

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