This is not Beijing's first rodeo - and it has good reason to think it can stay in the saddle

The opening shots seem like a distant memory. Back in January, Donald Trump threatened to impose a tariff of 10% on Chinese imports. Three months later, the rate is now 125%.

- Amy Hawkins

The opening shots seem like a distant memory. Back in January, Donald Trump threatened to impose a tariff of 10% on Chinese imports. Three months later, the rate is now 125%. China has condemned the tariffs. As well as applying its own reciprocal levy of 84% on US imports, Beijing has been fighting a war of words.

"When challenged, we will never back down," said China's foreign ministry spokesperson, Lin Jian. The commerce ministry said: "China will fight to the end if the US side is bent on going down the wrong path."

Further countermeasures have been promised by Beijing.

The tit-for-tat measures could spark fears of a race to the bottom, with ordinary people suffering as prices rise and fears of a global recession grow.

Although China's economy has been beset by challenges, when it comes to tariffs Beijing is unlikely to blink first.

Diana Choyleva, the founder of the Enodo Economics forecasting firm, said: "For President Xi, there is only one politically viable response to Trump's latest threat: 'Bring it on!' Having already surprised domestic audiences with a forceful 34% reciprocal tariff, any appearance of backing down would be politically untenable."