Listen to Donald Trump, and the trade war between the US and China seems imminent -
- going to go a lot higher than these numbers.
But his counterpart in Beijing, Xi Jinping, says he doesn't want one.
Trump appears to be calculating that tariffs will force Xi into concessions. But the message from China is clear - we are ready for you.
Investors are spooked. With China's stock market below Japan's for the first time since 2014, Beijing is reacting to White House aggression by claiming the moral high ground.
At the same time, Chinese experts claim the economy is strong enough to withstand US pressure.
The bigger challenge for Xi Jinping could be politics rather than economics. Having set himself up as the chairman of everything in China, he can be blamed for anything that goes wrong. And as Xi stares off against Trump, the risks are rising.