The recent summit in Beijing between US and Chinese leaders was more cordial than previous encounters, focusing on trade, investment, technology, and critical minerals. Relations appear to be moving towards potential reconciliation.

The Xi-Trump summit in Beijing unfolded much more cordially than the tense truce in Busan. In the six months since the leaders met in the South Korean city, America’s bargaining position has weakened considerably from developments both domestic and international. From a reluctant respite in tensions, US-China relations have evolved to what may be the beginning of a reconciliation. The two great powers interact at three levels. At the bottom is trade and investment; we can expect the terms of the...