While an obsession with tariffs certainly hurts the U.S. economy—Moody‘s analysts predict Trump’s threat to hit virtually all Chinese goods with a 25 percent levy “would slash U.S. real G.D.P. by 2.6 percentage points”—experts say the never-ending counterattacks would likely be detrimental to the global economy, too, causing a painful economic slowdown that could tip the country into a recession. “I’m with most economists and I think tariffs and a reduction in free trade are going to be a bad outcome for all involved,’’ Stephen Gallagher, chief U.S. economist at Societe Generale SA, told Bloomberg. Gary Hufbauer, of the Peterson Institute for International Economics, noted that while it might be easy—if not entirely misguided—to slap tariffs on imports from other countries, it’s a lot harder to take them off, pointing to a tariff that was introduced in the 1960s to protect U.S. light trucks from foreign competition and has never been removed.

Meanwhile, China appears to be in this thing for the long haul. On Tuesday, its state media released a clip effectively saying the country’s been through a lot worse than some bloated real-estate developer with a Twitter addiction.

In a clip from state broadcaster CCTV that went viral, an anchor asks, “After 5,000 years of trials and tribulations, what kind of battle have the Chinese not been through?”

The video, which has been viewed more than 3.3 billion times, underscores how China wants to portray itself as playing the long game in the trade battle in contrast with President Trump, whose re-election next year could be at risk if voters perceive the trade war negatively. Meanwhile, the People’s Daily, the official newspaper for China’s Communist Party, posted a photo captioned, “This, is China’s attitude!” CNBC’s translation of the Chinese phrases in the image reads: “Negotiate—we can! Fight—bring it on! Bully us—YOU WISH!”

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Report: Uber’s underwriters had a sneaking suspicion the I.P.O. might bomb

Awkward!