a trade war like this. People can argue until their last breath about "who it has hurt more", but it is an almost absurd argument because it is impossible to measure all of the ways it does damage other than to say it has absolutely hurt everybody.

But like any country, they adjust and then look at geopolitics as it exists in reality. I think they (like many) view Trump as bad for the U.S. overall in the long term in numerous ways -- which as noted has the potential to only help their influence on the world stage. Trade really is a key aspect of overall global diplomacy, so to the extent the U.S. continues to go down a path of insular and almost unpredictable actions that further piss off everybody -- it only helps China's eventual standing and influence in the world. It is still in China's best interest to have an economically healthy U.S., but they are smart enough to play with cards dealt to them as well.

And the past is now the past -- it may be complete BS, but Biden is trying to match or even out-populist Trump on Trade now -- talking about big new "Buy USA" provisions, etc... such that if China is listening (and obviously they are), you really can't count on anything changing with tariffs or this new type of trade nationalism with any administration. Maybe, but who really knows?

So in the end, despite the fact that there is no way they wanted this kind of trade issue -- they know it also hurts us in many ways and may well see a continuation of this administration as the best overall situation from their standpoint. Part of it is the devil you know.