The trade war escalates. According to unnamed officials, the United States is planning to take the trade war with China to the next level in December by imposing new tariffs, which will cover as much as $257 billion in Chinese exports, if a deal isn’t reached at a (possible) upcoming meeting on the sidelines of the G-20 summit. The U.S. is already pressing its advantage on the technology front; on Monday, the Commerce Department banned exports of U.S. component parts and software to a Chinese state-backed semiconductor firm, Fujian Jinhua Integrated Circuit Co., Ltd. President Donald Trump, meanwhile, told Fox News that a “great deal” is on the table but that Beijing isn’t ready for it. China can’t give the U.S. what it’s asking without abandoning its state-led plan to climb the manufacturing value chain. The U.S. holds most of the cards and thus has little need to compromise. A deal is certainly possible, but the conditions are not particularly conducive to one.