I think China realized their horizon is much longer then the term of office of Trump. They could even argue that for the short term (election is in 1.5 year ?)

I think China realized their horizon is much longer then the term of office of Trump. They could even argue that for the short term (election is in 1.5 year ?) a trade war, resulting a worldwide economy slowdown, might hurt Trump personally more then China. A next president might be in office sooner (no re-election of Trump) and be easier to negotiate with.