I was glad to see the stock market get a boost from the news that Chinese and U.S. trade negotiators were talking again and that President Trump blinked a bit and pulled some of his planned tariffs.

But don’t be fooled. Trump and President Xi Jinping of China are still locked in a cage match over who is the true big dog in today’s global economy. Both are desperate not only to “win,” but to be seen to win, and not be subjected to the scorn of their rivals or critics on social media.

Precisely because neither leader feels he can afford that fate, both have overplayed their hands. Xi basically believes that nothing has to change — and all can be made to stay the same by the force of his will. Trump basically believes that everything has to change — and all can be made to change by the force of his will.

The rest of us are just along for the ride.

Let’s look at both men’s calculations and miscalculations. Trump was right in arguing that America should not continue to tolerate systemic abusive Chinese trade practices — intellectual property theft, forced technology transfers, huge government subsidies and nonreciprocal treatment of U.S. companies in China — now that China is virtually America’s technology equal and a rising middle-income country.