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.

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.