Donald Trump, once more, is moving to slash imports from China. Just like in his first term, the returning U.S. president wants to decouple from the world’s second-largest economy and establish self-sufficiency in key strategic sectors.

In seeking an accord with U.S., Beijing wants to avoid becoming isolated like the Soviet Union during the Cold War.

China has also spent years adapting to tariffs from Trump's first term. Some Chinese manufacturers have moved factories out of the country, for instance. And supply chains have come to rely more on Vietnam and Mexico by exporting from there to bypass the tariffs.