https://www.channelnewsasia.com/news/business/asia-stocks-slump-on-recession-fears-11810102
The US has only delayed tariffs against 60% of China goods to December but will still impose tariffs against 40% of China goods on 1 September.
The US is at the receiving end now and the Chinese won't back down because Trump has made it more difficult to reach a trade deal by adding the HK issue to the trade talk list. Trump wants Xi to settle the HK issue humanely first before he is willing to have a trade talk with Xi.
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