The Trump-Xi summit has demonstrated an important distinction in great-power diplomacy: reducing tension is not the same as resolving conflict. Washington and Beijing have succeeded in creating some breathing space, but the fundamental contest between them remains firmly in place. The most tangible outcome is the extension of the US-China trade truce. Yet even that is temporary, pushing difficult questions about tariffs, rare-earth supplies and access to advanced technology into another round of negotiations.

The significance lies less in what has been settled than in what has been prevented: for now, neither side appears willing to return to an uncontrolled escalation that could damage both economies. That restraint reflects mutual interests. China needs continued access to overseas markets at a time when domestic consumption and the property sector remain under pressure. The United States, meanwhile, has its own economic reasons to prevent disruption to supply chains and critical minerals. Neither country has abandoned its strategic objectives; both have recognised the costs of pursuing them without limits. The harder question is whether this pragmatic accommodation can survive the issues that cannot be reduced to tariffs.........

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