President Trump on Tuesday vowed to not back down on his new Aug. 1 deadline on tariffs — but Wall Street isn’t convinced.

Its new deal with Vietnam and its fresh tariff threats issued to many other countries seem designed to reduce China’s role in their supply chain. Countries that had hoped to stay out of the new cold war now fear they are being forced to pick a side. To appease the world’s biggest market, they must anger the world’s biggest trader.