JP:关税战变成美中直接冲突，川普作妖只是end of the beginning

"The trade war is now turning into a direct confrontation between the US and China ... we could again be seeing escalation and de-escalation at the same time, pulling markets in different directions," Rabobank analysts said.

And though a wider trade war is on hiatus, risks remain to the health of the US economy, and Trump's move is "merely the end of the beginning," according to JP Morgan.