Bring it, Xi says

The WSJ reports that Chinese President Xi Jinping is ready to take a bareknuckle approach to the trade war.

"Mr. Xi told a group of 20 mostly American and European multinational chief executives on Thursday that Beijing plans to strike back, according to people briefed on the event," the WSJ says.

"In the West you have the notion that if somebody hits you on the left cheek, you turn the other cheek," the Chinese leader said, according to the people. "In our culture we punch back."

They say Xi has now settled on a unyielding approach. The story cites regulator hurdles, iPhones, GM cars and yuan weakness as possible avenues. He was speaking to the Global CEO Council in Beijing, which includes Goldman Sachs, Volkswagen.

Local reports from the event didn't mention any rift with the US or tough talk, but that's not a surprise given the censors.