Beijing is confident of hitting its 5% economic growth target this year despite the U.S. and China imposing hefty levies on each other’s exports.

Donald Trump has repeatedly urged Xi Jinping to call him for discussions about a potential trade deal. But any off-ramp to the economic tensions will likely run through Vice Premier He Lifeng, who is Xi's Sino-American trade tsar.

President Donald Trump’s tariff onslaught has roiled Washington and Wall Street for nearly a month. If the trade war persists, the next upheaval will hit much closer to home.