Contours of a possible trade deal are emerging

China has reportedly fleshed out its offer to boost imports from the US. In return, the US is working on a deal to allow ZTE to resume operations and may call off the planned tariffs on Chinese goods. None of this will do much to narrow the bilateral trade balance, nor will it address concerns that China’s industrial policy is undermining US interests. So it would be naïve to assume that such a deal, if it goes ahead, will prevent tensions from flaring up again in future.