Could China win a ‘fight to the end’ against Trump?

There is a real chance the two largest economies in the world decouple. If that happens, both will be competing to be the engine room, and the cornerstone, of global trade.

Neither Xi Jinping nor Donald Trump is giving any indication they are likely to back down. For both leaders, national pride is on the line. Bethany Rae

Jessica SierNorth Asia correspondent

Apr 11, 2025 – 2.12pm

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China is hunkering down. After a week of turmoil on global markets as Beijing and Washington swapped bruising tariff increases, it’s clear both sides are in for a long fight. And the Chinese Communist Party is putting the country on notice.

“They are preparing us,” says Beijing-based IT worker Lucy Wang via WeChat. “We are told China can handle this.”

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Jessica SierNorth Asia correspondentJessica Sier is the North Asia Correspondent for The Australian Financial Review. She is based in Tokyo, Japan. Jessica has previously written on technology, global capital markets and economics.