The U.S. and China are circling ever closer to a trade deal. They just need to agree on how to make it mean something a year or two from now. In the weeks since U.S. President Donald Trump agreed to postpone the March 1 spike in tariffs on $200 billion in Chinese goods, enough progress has apparently been made that both sides are eyeing a “signing summit” between Trump and Chinese President Xi Jinping by June. This cautious optimism is fueled by several factors, from Beijing’s offer to nudge down the trade deficit by binging on U.S. energy and agriculture products, to new laws set to be approved this week that include expanded protections for foreign investors. Trump’s barely concealed urgency to give markets a boost by calling off the dogs is probably furthering hopes in Beijing.
But “ending” the trade war still appears to mean something quite different to each side. China, naturally, wants to put this whole unpleasantness behind it and to turn its full focus to its sta