President Trump, in clinging to this narrative, promises to fight a war long past with weapons that are likely to hurt his allies as much as his supposed enemy. Hardly a vision of America being made great again.

Apart from various niches of the political and academic intelligentsia, America’s relationship with China is one that continues to be largely and mutually beneficial but misunderstood, and one that is generally swept under the carpet in favor of America’s Euro-centric view of the world.

A more nuanced approach that includes additional perspectives shows that the true U.S. deficit may be as low as US$132.7 billion.

While the outcome is uncertain, it is clear that Trump’s attempt to shake up current bilateral relations between the two superpowers will be a key theme for 2017 globally. We expect that China will take a wait-and-see approach, especially in front of the 19th National Congress of the CPC later this year. However, as the U.S. shies away from multilateral or regional trade agreements, such as TPP, China will quickly fill the space.

The new president’s rhetoric on China doesn’t reflect the realities of the beneficial relationship that has been cultivated for more than 40 years. A Trump shift to a practical policy on China, so as to maintain a steady growth momentum of Sino-US relations, would not only be a blessing to China and United States, but also a blessing to the world.

Like a slow motion train wreck, we can see what’s coming, but are powerless to stop it. No longer do facts matter. No longer is there appetite for cautious deliberation. No longer can we assume cooler heads will prevail. The guardrails and emergency brakes that prevented the relationship from running off the tracks in the past have fallen into disrepair. Where else to go, but into the abyss?

The U.S.-China trade relationship actually supports roughly 2.6 million jobs in the United States across a range of industries, including jobs that Chinese companies have created in America. The following is a list of a benefits to the U.S. economy due to trade with China, and also a link to the full report.

The full American tax reform is an enormous topic, but its impact at home is what matters, not whether the trade deficit barrows. Similarly, Beijing will respond forcefully to anything like a 35% across-the-board tariff aimed only at China. But in the case of the current BAT, China is best served by focusing on fixing its own house.

China has become a vital trading partner for the US over a long period, with bilateral commerce in 2015 reaching $598.1 billion, accounting for 16% of US foreign trade. The ensuing US trade deficit with China cannot be blamed on – or controlled by –currency exchange rates, and the new administration must think more broadly as it shapes its economic policy.

As Trump takes office, it is very important for economic and trade officials from both countries to sit down and talk through not only the difficulties and disputes, which they must, but also more importantly, how we can exploit a great future together.