The main deficit on the geopolitical ledger is mutual strategic distrust. If this cannot be overcome, the world will be condemned — like Sisyphus in Greek mythology — to roll the boulder of a contentious U.S.-China relationship uphill for eternity.

There are and will continue to be differences between China and the United States. This is typical of humans, as any family knows. But the world needs China and the United States to be working together, marshaling and complementing their respective strengths.

I strongly believe it is time for the trade war between the U.S. and China to be placed in abeyance. With inflation increasing in the U.S. and with the growth of China’s domestic consumption slowing, I am sure the will must be there on both sides.

Half a century ago this month, Chinese leaders received Richard Nixon on a historic visit that ended two decades of estrangement between China and the U.S. The visit has been rightly hailed as an example of diplomacy and statesmanship at their best.

The visions of Xi Jinping and Joe Biden clearly spell out two trajectories - one of ascendance and the other fighting to retain fading power and influence.

Unlike the warmth it showed China during the 2008 Summer Olympics, the United States has adopted a chilly mindset for the 2022 Winter Games. In fact, relations seem headed for an extended ice age.

American anxiety about China shows that China has become a “near-peer” competitor to the United States. But the process of competition will not be dictated by the U.S. alone. The impact will only be revealed through interaction over time and the handling of key issues.

The deadline for China to reach the Phase 1 Trade Agreement targets has come and gone, and China has officially fallen short of its commitments. The two countries now must decide how to move forward.

Some of the Cold War experience, though it may not be an exact parallel, can be instructive. A pattern should be established to avoid dragging the world into a lose-lose scenario.

High-level dialogues in 2021 between China and the United State clarified their positions. Now it’s imperative that the two rivals avoid a new cold war by engaging in substantive working-level talks.