Friday, May 2, 2025

Mr. Trump’s bet is that Mr. Xi will blink first because the pain for the Chinese economy will be so great that he will have to strike an accommodation that will, over time, allow the United States to get back to something approaching normal. Mr. Xi is betting the opposite: that Mr. Trump has overreached, and can’t withstand bad G.D.P. numbers, rising inflation or plummeting polls. Only one of them is right.

 

A Flashing Economic Warning and a Sharp Political Jolt


The report that the economy contracted in the first quarter underscored how much President Trump has at risk as he pursues an aggressive trade war.

David E. Sanger has covered six American presidencies and served as both a business and national security correspondent in Asia during a previous era of trade wars with the United States. He reported from Washington.


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