In the game of chicken between the US and China, round one goes to Beijing

US president Donald Trump and China's president Xi Jinping. Deutsche Bank links the China's uniquely tough stance to the Opium Wars fought between Britain and China almost 200 years ago. Photograph: Susan Walsh/AP There are a number of possible conclusions to draw from the recent tariff climbdown between the US and China but one stands out. The resolute position of Beijing, its willingness to "fight to the end" and stomach a big hit to growth, if necessary, was undoubtedly underestimated by Washington. The escalating tariff war between the world's two superpowers had threatened to destroy $582 billion of US-China trade,…