According to Mary Lovely of the Peterson Institute, the recent U.S.-China summit succeeded in maintaining a tactical truce but failed to resolve major irritants in the relationship.

China has invoked new export controls on critical minerals, a move that could be very disruptive for U.S. industry.

Mary Lovely believes the recent U.S.-China summit set the relationship back rather than accomplishing nothing.

China is now devoted to developing its own domestic chips after balking at U.S. export controls.