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It would be much funnier for China to double their tariff on US goods if the US gives in. The US is so fucking weak, what are they going to do about it? 
It'd be really funny
Their factories would be angry
it would backfire, but it would be super funny
US would probably use that as a pretense for letting the nukes fly tbh.
Probably, being the most level headed people in the room at this point, their counter tarrifs would be rolled back as well.