Outwardly at least, President Donald Trump continues to take a hard-line stance on China with tariffs of 145 percent and higher, even after easing off earlier trade offensives against other partners. China, which has vowed to "fight to the end," has responded with its own steep tariff hike and a range of other countermeasures.

Certain American chips are essential for cars and other industrial goods made in China—a vulnerability revealed in tariff exemptions pushed by Beijing.