1. Rising tensions between China and the U.S. pummeled stocks, as investors began to take seriously the risk of a trade war between the world’s two largest economies. The latest U.S. jobs report didn’t help matters — it showed that job growth slowed in March.

Our correspondent in Shanghai says there’s a fundamental question at the heart of the dispute: Which country is more willing to endure short-term pain for the long-term gain of playing a leading role in high-tech industries?