Perhaps, but President Donald Trump is showing no sign yet of backing down after his announcement that the USA would impose tariffs on $50 billion of Chinese imports and China's response to do something similar to U.S. products.
President Donald Trump's top economic adviser, Larry Kudlow, suggested the US tariffs won't be implemented if China lowers barriers to trade.
Announcing the package of tariffs on March 22, Donald said it will help the United States reduce trade imbalances with China and curb theft of American intellectual property. "We can not let this continue!" he continued in his tweet.
USA stocks opened sharply lower after China unveiled plans to hit major United States exports such as soybeans, cars and small aircraft with retaliatory tariffs, which seemed to portend a worsening tit-for-tat conflict between the world's two biggest economies.
ANALYST TAKE: "The losses more than wipe out Tuesday's rebound and set us on course for another worrying session driven by fears that a trade war between the world's two largest economies is heating up with neither side showing any sign of backing down", said Craig Erlam, senior market analyst at OANDA. "These measures will be announced shortly".
"Tariffs penalize USA consumers by increasing prices on technology products and will not change China's behavior", said Dean Garfield, chief executive of the Information Technology Industry Council, which represents companies such as Apple, Dell, IBM and Google. "We're not in a trade war, but we're definitely headed down a slippery slope".
China imposes more tariffs against U.S. , escalates trade war
It said that the date of implementing the trade tariffs would depend on when the U.S. would impose the same on the Chinese goods. Regulators have wide discretion to withhold licenses or take other action to disrupt logistics and other service businesses.
The Dow Jones Industrial Average rose 109.13 points, or 0.45 percent, to 24,142.49. Then on Tuesday of this week, the Office of U.S. Trade Representative issued its list of 1,300 Chinese products, which included everything from industrial robots to dishwashing machines and fire extinguisher parts. Earlier, his administration Beijing of making "state-led, market-distorting efforts to force, pressure, and steal USA technologies and intellectual property".
Boeing and Caterpillar led a slide in big USA manufacturers and technology companies that bore the brunt of the U.S.
Oil prices slipped to a two-week low as the speed with which Beijing responded to USA measures, within 11 hours, raised the prospect of a quickly spiraling dispute that could crimp the global economy, including the demand for crude.
"I think the market is beginning to understand and remember that Trump's bark is much bigger than his bite", says Lindsey Bell, investment strategist at CFRA, a Wall Street research firm.
USA trade policy has loomed over the markets since early March.
Seven of the trade categories affected relate to beef, which China resumed importing from the US only last year - in minute quantities - after a 14-year ban due to fears of mad cow disease.
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"They need to start again from scratch", Philippe Martinez , head of the CGT trade union, told France Inter radio. Many of his plans, particularly in the labor market, are meeting with increasing opposition from France's unions.
China is by far the world's biggest buyer of soybeans, which are mostly crushed and fed to pigs.
Shares of Boeing, the single largest USA exporter to China, fell 2.0 percent.
Boeing, which delivered one-fourth of all its planes to China past year, fell as much as 5.7 percent early on and finished with a loss of $3.38, or 1 percent, at $327.44.
"Even though the numbers between China and the US are comparable, it seems clear that China is trying to twist the knife", he said.
There are no winners here and, with numerous economies hinged on China's demand for raw materials and goods, not to mention the market sensitivity to China's economy, there will be many a government hoping that the threat of a trade war is put to bed.
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A second large group of potential jurors was also brought in Tuesday, in case the sides ran out of jurors from the first group. Cosby's defense has laid out their plan to portray the accuser as a greedy liar who framed the comedian to get rich.