Washington is lowering the heat on Beijing as it focuses on the rest of the world. China, meanwhile, is playing the long game as import taxes start to hit US consumers.

U.S. President Donald Trump's tariff decisions since he took office on January 20 have shocked financial markets and sent a wave of uncertainty through the global economy. Here is a timeline of the major developments: February 1 - Trump imposes 25% tariffs on Mexican and most Canadian imports and 10% on goods from China,

New tariffs on nearly 70 countries threaten to drive up prices on semiconductors, smartphones, laptops, and consoles.

Trump dramatically escalated economic tensions in April. Citing unfair Chinese trade practices and promising to revitalize U.S. manufacturing, he announced heavy tariffs on Chinese goods. The move rattled global supply chains and prompted swift retaliation from Beijing, which introduced its own tariffs and a suite of other tit-for-tat measures.

When President Trump rocked the economy with an unprecedented attack on global trade in April, the plan was dismissed as swaggering, capricious and unsustainable.

China is facing an August 12 deadline to reach a durable tariff agreement with Trump's administration, after Beijing and Washington reached preliminary deals in May and June to en

China’s ruling Communist Party elites fundamentally believe that the American empire is in decline. They are acting accordingly. Recent developments with “trade hawk” Trump seem to confirm this belief.