US President Donald Trump has delighted global investors with the possibility of a reduction in tariffs on Chinese imports. But his apparent willingness to de-escalate America’s trade war with the world’s second-biggest economy has been brushed off by government officials in China and ridiculed online as “chickening out.

Standing outside his friend’s cupcake shop, he says Donald Trump’s levies are a sign that America feels threatened by China’s rise. America’s power is declining, he says. “What you feel in today’s world is that hegemony is very hard to achieve.

China warned other countries against striking new trade deals with the U.S. that might come at the expense of Beijing’s economic interests, as tensions resulting from President Trump’s tariff policies against the country rise. The Chinese Ministry of Commerce said Monday it would retaliate against any party that reaches a deal that comes at the…