The Trump-Xi meeting in South Korea Thursday produced something worthwhile — a ceasefire in the trade war. But that is not the same as a peace deal — a longer-term framework to manage the world’s most consequential relationship. It paused escalation and bought time for both sides. The crucial question now is how America will use that time. The danger is that for some years now, Washington, under both Democrats and Republicans, has been playing by China’s rules.

Over the past 10 years, Washington’s response to China looks like an effort to beat Beijing by becoming Beijing — restricting trade, directing supply chains, politicizing investment and wielding tariffs as instruments of presidential will. Some targeted de-risking is sensible. But pushed too far, these measures play to China’s stre

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