The fast-worsening trade war between the United States and China — the planet’s premier geopolitical powers, whose economies are intricately entwined — threatens to wreak severe damage on both nations and will send shockwaves worldwide.

The US also has a huge trade deficit with China. Trade-surplus countries have "no ammunition" in a trade war; they have "everything to lose". The US export market is "irreplaceable", so Xi has placed the fate of China's failing economy in Trump's hands. Trump "holds all the high cards". Xi's only way out is to get Trump to back down.