Yesterday's so-called "de-escalation" of the trade war was still actually an escalation. The US will impose 10% tariffs on another USD110bn worth of Chinese goods starting 1 September, and on a further USD160bn worth of goods on 15 December. US and Chinese officials will talk in a couple of weeks (by phone) and the Chinese have said they still plan to attend talks in the US in September, but it seems highly unlikely anything will be resolved.
The US is demanding significant economic reforms and China wants the US to remove all tariffs. Neither seems likely to bend at this time. China is especially unlikely to show any sign of weakness ahead of its 70th anniversary of the People's Republic on 1 October.
So far the economic costs have not been drastic, but they are building, and the hit on business confidence may grow. 10 year US yields fell below 2 year yields for the first time since 2007 today (see chart below), while 30 year yields are now approaching 2% (currently 2.05%).
Why did Trump 'blink' on tariffs yesterday? Two things: a) the Chinese pressured hard against this next round of tariffs, suggesting they had some success with getting Trump to bend, b) Trump's economic advisers reportedly warned him that these tariffs could result in a poor Christmas retail season, raising the chances of a recession.
I think the risks of a recession are still not large, but as the articles you linked to suggest, they are growing and not just in the US, but also in the EU and parts of Asia. Growth rates in Latin America are also falling quite fast.