European equities and U.S. futures fell again Wednesday as investors continue to try and figure out the the ongoing trade war between the U.S. and China that wiped out more than $1 trillion from stock markets around the world — in one day.

Asian stocks again rallied on hopes that a trade deal will get done, and on the prospects of further government stimulus in China.

Trump called the trade war escalation merely a “little squabble,” and said a a new deal “absolutely could happen.” Trump speaking positively of course came right after he accused China of sabotaging the new deal by trying to renegotiate parts that had already been settled.

He then hiked tariffs on $200 billion worth of Chinese goods from 10% to 25% at Friday on midnight, spurring a retaliation from Beijing to the tune of tariffs on $60 billion worth of U.S. goods. That announcement came before the opening bell Monday and it’s been a pretty bad week for stocks in general.

Meanwhile, retail sales and industrial production have sagged in China, which could cause Beijing to further stimulate its economy, which Trump noted on Twitter on Tuesday.

“These figures show that the Chinese economy is losing steam,” London Capital Group head of research Jasper Lawler told Markets Insider.

The markets are behaving a bit more sensibly, chief analyst Neil Wilson said.

Except “the problem right now is that this market is trading on the whimsy of Donald Trump all the time, which makes it a tough place to be,” Wilson added. “One can only say that we should expect more volatility ahead and more shaking of the tree from Donald Trump.”

According to a Raymond James policy analyst, if stocks slide 10%, look for Trump to begin talking up the prospects of a trade deal coming out of the G-20 summit June 28-29, which could be “the next pivotal moment for talks.”

“In the meantime, we expect threats of escalation by both sides in an effort to build negotiating leverage,” Raymond James’ Ed Mills said in a note.