As the world’s two biggest economies face off over trade, a Chinese diplomat shared a video of the late leader Mao Zedong and declared that Chinese people “don’t back down.”

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The U.S. and China are exchanging tariffs and other trade barriers in an economic conflict that keeps escalating.

U.S. President Donald Trump said on Thursday that he would love to get a deal with China to end an escalating trade war.

China had raised its duty on American goods to 84% in tit-for-tat hikes that threaten to disrupt trade between the world’s two largest economies.

The tariff fight between the world’s two largest economies escalated as Trump tried to narrow his global trade war into a direct face off with Beijing.

President Donald Trump announced a complete pause on all the “reciprocal” tariffs that went into effect at midnight, with the exception of China.

Oil prices settled more than $2 per barrel lower on Thursday, wiping out the last session's rally, as investors reassessed a planned pause in sweeping U.S. tariffs and focus shifted to a deepening trade war between Washington and Beijing.

US Trade Representative Jamieson Greer on Wednesday continued to defend President Donald Trump’s aggressive trade agenda as even higher tariffs went into effect for dozens of countries and trade tensions with China reach a fever pitch.