What happened:

China suspends purchase of Boeing aircraft
On April 15, several Chinese airlines suddenly announced that they would suspend receiving Boeing aircraft and related parts from the United States. Boeing's stock price plummeted 4.6% in response.

The United States is anxious because China is one of the world's largest aviation markets. Nearly a quarter of Boeing's aircraft were originally sold to China. This suspension may cause Europe's Airbus and China's domestically produced large aircraft to "steal jobs."

Trump retaliates with tax hikes within 24 hours
The next day (April 16), the United States immediately announced that it would increase tariffs on China to 245%, citing "China's non-cooperation" as the reason.

But any discerning person can see that this is purely a numbers game - the original tariff was already ridiculously high (104%), and increasing it to 245% makes it impossible to sell the products at all. It is just a pretense to save face.

The game logic behind it:

Why does China play the Boeing card?
The United States has been using high-end products such as chips and aircraft to strangle China. This time, China hit Boeing in return, telling the United States: We can also counter your high-tech industry! Boeing has had frequent accidents in recent years, and China has taken the opportunity to support domestically produced large aircraft and Airbus.

Why is raising taxes the only option left for the United States?
Trump has previously tried chip blockades and decoupling, but all failed. Now he can only keep increasing tariffs, which has brought even small countries like Vietnam to their knees, but it is completely useless against China.

Current situation of both parties:

America can't hold on any longer
Farmers are protesting every day because they cannot sell their soybeans. The tax increase has caused US prices to rise by 2.5%, and ordinary people have to spend an extra $1,350 each year, and corporate costs have also skyrocketed.

Although Trump says he is “waiting for China to call,” he is actually under tremendous pressure at home.

China has a back-up plan
Through the Belt and Road Initiative, China has done business with 150 countries. The cargo volume of China-Europe trains has increased tenfold in 10 years, the proportion of RMB settlement has risen to 38%, and a zero-tariff agreement has been signed with ASEAN. The US market accounts for 11% of China's foreign trade, but the Belt and Road Initiative market has accounted for 46.6%.

Summarize:
This contest is like a fight between two people. The United States swung the tariff stick wildly, but ended up exhausting itself; China dodged while building a new road and inviting more friends to join it.

In the end, the United States raised tariffs to 245%, which became an international joke - after all, tariffs this high are no different from a direct embargo.