Steep U.S. tariffs are starting to squeeze the Chinese economy.

The view that the Chinese leadership was desperate to negotiate a trade deal, to avoid economic pain that could destabilize Chinese society and threaten the Chinese Communist Party’s monopoly on power, is common among China hawks in the United States. This analysis is partly accurate, but it has led many to draw false conclusions.

China is assessing the situation after U.S. officials reached out "through relevant parties multiple times" to seek tariff negotiations, a spokesperson for the commerce ministry said in a statement Friday.