In the early days of President Trump’s second term, China was ready to negotiate on trade. Then came Liberation Day. Now China is ready with a trade war arsenal taking aim at U.S. companies. WSJ’s Lingling Wei explains how China is gearing up for an extraordinary conflict with no immediate exits. Kate Linebaugh hosts. Further Listening: - Trump’s Tariffs Force a New Era in Global Trade - The Trade War With China Is On Sign up for WSJ’s free What’s News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices