Billionaire hedge fund manager Bill Ackman said China will need to strike a trade deal with the US quickly as it can’t win a drawn-out trade war that will do severe damage to its economy.

Beijing is going on an international charm campaign to coax other countries hit hard by “Liberation Day” tariffs to take on the U.S.

The Trump administration has been saying that the two countries are engaged in talks to resolve the dispute, but Beijing asserts that no such discussions are happening.