Beijing's "win-win" concept of U.S.-China relations should be tested to reduce, and eventually wipe out, America's $350 billion trade deficit with China.

Depending on the pace of the action, that would — quickly — do three good things for America: (a) It would rev up economic growth by reducing half-a-trillion-dollar annual trade deficits, (b) it would stop, and reverse, the unsustainable progression of American net foreign liabilities ($7.9 trillion at the last count) and (c) it would open the way to more constructive dealings with China.

There is no diplomatic novelty here. China's "win-win" approach to bilateral ties with the U.S. has been on the table ever since President Barack Obama hosted the Chinese President Xi Jinping at Sunnylands, California, in June 2013. On that occasion, the Chinese leader spoke at length about his dedication to China's "dreams of economic prosperity, national renewal" and a "win-win" cooperation with America.

At the time of that meeting, China was already a big and decades-old winner in economic exchanges with the U.S. Washington, however, chose not to dwell on that at Sunnylands, even though America's huge, $318.7 billion trade deficit with China in 2013 accounted for nearly half of its total trade gap.

Xi must have greatly appreciated that extravagant magnanimity. So, in spite of Washington's attempts to contain and isolate Beijing — with pivots to Asia and TPP trade agreements — Xi remained committed to his "win-win" idea of U.S.-China relations.