This is pretty much how I expected this to play out, at least for now. Trump acts all tough and doesn't back down publicly, but China actually doesn't back down. So what happens is that some businesses get exemptions to mitigate the impact. Then some fine print gets changed about how the rules are enforced. Like, suddenly it turns out that Kiribati is a major electronics supplier to the US :)
End result - US economy takes a hit, China takes a smaller hit. Trade balance widens further, most likely. The rich get richer, while many small companies struggle to survive.
> doesn't back down publicly
Seems like he has been backing down publicly all week. Quickly too.
This has been a massive catastrophe, though I suspect you're right about the end result.
Maybe publicly was not the right word. What I really meant is that the nominal 145% rate will remain in effect, so he can continue to pretend that the tariffs are still there and still hurting China, while he makes "minor adjustments" to protect American businesses.