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i don't think china is backing down on this one, whatever art of the deal Trump thinks he is playing, it's gonna backfire really bad.
It's already backfiring. But this won't go on forever. Sooner or later, they will sit down and discuss more favorable trading conditions for both countries. That's something that will happen with other nations in the near future. That was the end-game in that crazy orange head of his. 
Threaten them with massive tariffs, then come together and make a deal. Trump isn't a politician, he is a businessman. Businessmen negotiate and make deals.Obviously, it backfired on him, and he was quick to suspend the good-for-nothing tariff he had put up for trade in the USA. While doing that, other retaliatory actions from nations too had dawned on him and the worst of it all, was that while doing this, China and Russia are busy doing deals in bitcoin and news has it that the both country had an energy deal and bitcoin was the medium of payment they had used for the deal and the US busy imposing tarrif on something they too can not be able to afford.