I'm thinking ... the US is attacking China's export revenue. In return, China can attack the US' biggest export -- the US dollar. China owns some ~$750bn of Treasuries, which they can sell. Within 18 hours of Treasuries starting sell off this past Tuesday, the US put a pause on tariffs (for everyone but China) -- but, point being: Does China care more about losing 15% of its exports, or does the US care more about the Treasury market? I'm not convinced the US has the upper hand?!