A sharp pullback in China's export orders shows President Trump’s eye-watering tariffs are starting to squeeze the engine room of China’s economy, piling pressure on Beijing to boost its stimulus efforts.

That stubbornness has given China unaccustomed power over America’s immediate economic fate. If it reaches out to Mr Trump, the worst could be averted. If it does not, the storm will soon return. All signs suggest China’s leaders are not ready to relieve the suspense just yet. They may even be quite enjoying it.