I think this will not go very far. Time to time, super powers need to show each other their muscles. They have done it, The truth is both the parties can not afford to drag this for long.
The problem goes for small investors and dependent countries like Canada etc. Hence when the market fluctuates because of such political ego, they get the real burn.

This issue has already done a lot of damage that you can ever imagine. Trump administration could have think alternatives to deal with Chinese products. Increasing tariffs doesn't solve this problem. This is a short term or an easy way to show power. However, that can backfire and that is happening.

Hello Paolo, markets tend to react and over-react to these types of events. My sense is the negotiations between China and the US are a process with some progress and setbacks...but ultimately a deal will get done. Trump's threats may delay negotiations but both parties will come back to the table at some point...

Global trade is threatened when the two largest economies get into a pissing contest. Win-win must be the way forward.

Tariffs have a negative impact on everybody, the manufacturer, but also the retailer and consumer. The last have a preference for products from China (due to price), but not government interferes, so they have to pay more for the same or other goods. As consequence that can buy less with their given budgets.

As trade war is against macroeconomic logic, it include many emotions. For this difficult to predict how it will continue, but of course all countries get affected.

Trade war is not new, however this time it has gone longer. Hope, both the parties will understand and look their balancesheet carefully.