In the current trade war between China and the United States, we have seen U.S.’s President Trump speaking and tweeting every single day. However, China’s President Xi Jinping keeps silent.

In a negotiation process, the party having shown the bottom line is likely the loser. Even though he turns out to be the winner, the strength of his winning power is reduced. In the U.S.-China trade war, Trump has said many goals and what he wants to do. Thus, China can carefully contemplate its reactions against Trump. From this perspective, China is still the winner in the second round of the trade war.

Of course, there is a possibility that China cannot think about any tactics against the U.S. However, next week comes Boao Forum for Asian Annual Conference, where President Xi will give a speech. We will see if the trade war will end or migrate toward the third round.