Xi’s Communist Party is talking of “win-win” solutions to tensions, such as importing more goods from around the globe. Trump is all of a sudden talking down tensions, too. The absence of “day one” tariffs shocked China.

U.S. President-elect Donald Trump and Chinese President Xi Jinping discussed issues including TikTok, trade and Taiwan in a phone call on Friday, just days before Trump takes office again promising tariffs that could ratchet up tensions between the world's two biggest economies.