Thorny, fundamental issues have been left to the next round, and nobody can predict how further talks will develop. Meanwhile, the U.S. presidential election season is heating up, and the world should be prepared for the worst.

Negativity about China-U.S. relations are only part of a bigger picture. Widespread as they are, the downbeat commentaries do not capture the whole picture. Many factors need to be taken into account to make an accurate analysis.

A rising China has changed the bilateral balance, but neither China nor the United States has sufficient experience or approaches for dealing with the other. Competition could easily lead to confrontation.

As U.S.-China trade tensions mount, “decoupling” must be understood broadly. It occurs in many areas, at different speeds and with unique consequences.

“Competition” carries any number of connotations, from benign to malicious. Clarity about exactly what the Trump administration means would be helpful.

This doesn’t mean soft appeasement or concession. Outreach is conducive to the development of stable relations and serves China’s own long-term national interests.

China is focused on improving its national security and reducing long-term risks. Therefore, it’s likely to think about worst-case scenarios with respect to the U.S. and work to play a greater role in setting the agenda.

In the ideal scenario of “co-opetition,” China and the US should find a new model for interaction: maintaining necessary, mutually beneficial co-operation while managing unavoidable but benign competition.

The Trump administration is using its blacklist as a weapon against China in the trade war, which will ultimately harm both China and the United States.

Signaling that it has less need for strategic cooperation with China on the world stage, the United States has rendered bilateral relations less resilient. And it’s hard to bridge the gap.