The U.S.-China trade truce, negotiated after a tumultuous back and forth that saw tariff rates climb as high as 145%, a ban on Chinese rare-earth minerals, and a massive reduction in Chinese purchases of US soybeans, is set to expire in just seven weeks. Jamieson Greer says that the two sides are still far apart but that Washington still has plenty of time between now and when the truce expires. Scott Bessent agreed, saying that America is “not in a rush.” Since the truce began in May, some outlets have alleged that China has all the cards while others report the opposite. Both miss the point entirely. The US and China should be playing two different games but for too long, we’ve been trying to play theirs. Whatever advantages China has in these negotiations are because we handed them over.
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