A high-level economic and trade negotiation between China and the United States held in Malaysia came to an end, but the signals released by the two sides after the meeting showed a significant temperature difference.
China's deputy minister of commerce, Li Zheng Steel, and the public statement of U.S. finance minister, Bessent, formed a distinct contrast, and the sudden statement of Trump's first station visit to Asia, more so that the follow-up of this game is full of variables.
Bescent staged a "face-changing" drama at the press conference after the meeting.
The U.S. Treasury Secretary first deliberately avoided direct interaction with Chinese representatives, not mentioning previously in the media accused Lee of "lack of diplomatic rituals".
When asked about the outcome of the talks, he first put out an official gesture: the dialogue laid a constructive foundation for a follow-up meeting between President Trump and China.
But before the words fell, he immediately threw out a heavy message: The president gave me the bargaining chip to impose a 100% tariff on Chinese goods from November 1st, but based on the current progress of negotiations, we no longer need to start this extreme measure.
This statement substantially confirmed the bankruptcy of the US tariff threat against China.
According to internal sources, the White House Economic Advisory Mission has warned that if 100% tariffs are fully implemented, it will result in China-US industrial chains completely disconnected, and U.S. multinational companies will lose more than $400 billion in market share annually.
Against the background of the current U.S. debt exceeding $38 trillion and the government shutdown crisis continuing, this "suicidal" economic means is obviously beyond Washington's endurance limit.
Faced with the shaking gesture of the United States, Deputy Secretary of State Li Zhen Steel outlined China's position in a three-point framework at the press conference:
First, it noted that China-US relations have experienced significant fluctuations in recent months; second, it stressed that the negotiations were "substantial and sincere"; and third, it highlighted that "the U.S. position is strong and China is determined to safeguard its core interests."
The third point is particularly critical, reflecting the fierce confrontation at the negotiating table.
According to on-site sources, during the two-day closed-door meeting, the U.S. delegation exerted pressure on technology transfer, market access and other issues for 12 consecutive times, while the Chinese team refuted one by one with detailed data.
This tit-for-tat posture can be seen from details such as several black-faced departures during the Bessant negotiations and his refusal to evaluate Chinese representatives after the meeting.
Some observers pointed out that this is precisely proof that China's principled position on key issues has successfully offset the US's limiting pressure.
Trump, who is on a visit to Asia, has chosen to release the signal at this time.
At the press conference in Malaysia, the U.S. President deliberately stressed that China is eager to reach an agreement, we are equally open and I believe that high-quality results will be born.
However, the expression "China takes the initiative" is particularly highlighted, which exposes its ambivalent mentality of not only ending with dignity but not showing weakness.
Analysts pointed out that when the threat of 100% tariffs failed, Trump had no substantial bargaining chips to force China to make concessions on core issues such as rare earth exports and 5G technology.
This situation of "external strength but middle strength" forms a subtle echo of its possible pressure on Lee Jae-myung's government in South Korea-Seoul's recent restrained attitude on the Taiwan Strait issue obviously does not meet Washington's expectations.
The deep layout of the Asian market is more cautious.
Trump will focus on a meeting with Japan’s new prime minister, High City Morning Sun, a politician who has openly thanked Trump and expressed “willingness to contribute to the Indo-Pacific strategy” and whose pro-US stance could exacerbate the regional camping trend.
In South Korea, the Lee Jae-myung government's recent actions on issues such as the autonomy of the semiconductor industry and the recovery of military command may lead to a tougher response from the United States.
For China, the gradual decline in the trade war does not mean a reduction in strategic pressure.
From the US-Japanese strengthening military alliance to the US-Korean effort to restructure the industrial chain, Washington is building an enclosure network against China through multilateral channels.
This requires China to more accurately crack the US "alliance war" plot while maintaining economic resilience.
At present, the Sino-US game has entered a strategic stalemate stage. On the surface, the tariff dispute is ebbing, but in fact it implies a more complicated system confrontation.
From Malaysia to Seoul, every step of the Trump administration reveals a calculation of “retreat to advance.”
In this regard, China must not only firmly safeguard its right to development, but also make full preparations for new battlefields such as technological competition and rule-making.
The final course of this century game will depend on the ability of the parties to grasp the bottom line of "fight without breaking".
(The data in this article comes from public reports and authoritative think tank analysis, and will continue to track the development of the situation)