Beijing is taking U.S. actions on Chinese internet companies more seriously but is unlikely to engage in tit-for-tat retaliation
The Pompeo-Yang meeting is an attempt by Beijing at managing U.S.-China relations from further deterioration, but it will not de-escalate the conflict.
It is unlikely for Washington to end its other “special treatments” for Hong Kong because it hurts the Americans even more.
Beijing bought much fewer goods from the U.S. in Q1, making it impossible to meet the targets written in the phase-one deal.
The global public relations campaign is meant to build up empathy and support for China’s political system.
While the COVID-19 outbreak is drawing all the attention in the market, the phase-1 trade deal between China and the U.S. officially went into effect on 14 February. China was on track to fulfill its commitments, mostly related to regulatory reforms. But it is impossible for Beijing to deliver the total purchase volume for 2020 thanks to the U.S. travel ban as well as shrinking Chinese demand.