The European Union’s second-biggest trade partner, China, today joined the tariff war initiated by its largest. Beijing announced 34% duties on all US goods, striking back at the 54% levy announced by Donald Trump earlier this week.

While EU leaders weigh the 20% levy the US punished them with, some may also be considering the old African proverb — when elephants fight, it is the grass that gets trampled — before formulating a response. The EU has to weigh up joining the fight or risk being trampled. Markets have, after all, been sending mixed signals since Trump began his attack on global trade.