The view that the Chinese leadership was desperate to negotiate a trade deal, to avoid economic pain that could destabilize Chinese society and threaten the Chinese Communist Party’s monopoly on power, is common among China hawks in the United States. This analysis is partly accurate, but it has led many to draw false conclusions.

Treasury Secretary Scott Bessent said Monday that it's up to China to take the first step in de-escalating the tariff fight with the U.S. because of the imbalance of trade between the two nations.

The tariff war between the U.S. and China intensified this week as both sides dug in amid rising fears of a global recession. The Trump administration's levies on Chinese imports hit a staggering 145 percent,