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Donald Trump has told China that by raising American tariffs he can make foreign companies flee the Chinese economy, hurting China very badly. China's state media retorts, if you want to fight, we will fight you to the end.

Such bluster makes this trade war sound like a game of nerves, with each side waiting for the other to back down.

Actually, this moment is more dangerous than that.

Something long-lasting has changed in the relationship between the world's two largest economies. Hello and welcome to Money Talks. I'm David Rennie, the economist Beijing Bureau Chief.

For the past four decades, the pursuit of profit has been a pillar of stability in relations between China and America.

General Motors sells more cars in China than it does in America.

Apple doesn't just assemble iPhones in China, it sells them there in the millions.

The tech giant makes 20% of its revenues there.

China too benefits from a healthy relationship with America.

A third of a million Chinese students currently enrolled at American colleges and schools.

Those strong bonds used to help both countries manage their deep ideological differences,

but mistrust is now eroding those old guardrails. The consensus in Washington has changed very fast. In just a couple of years,

American leaders have gone from talking about market access and business deals

to calling China the greatest all-round threat America has ever faced.

So I just announce it will increase tariffs on China and we won't back down until China stops cheating our workers and stealing our jobs and that's what's going to happen.

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