Competition is not necessarily a bad thing, but the US must promote smart competition that emphasises its strong points to avoid hampering innovation. Two Congressional bills now under debate are a chance for the US to get its priorities in order.

The US must recognise the benefits to American workers from trade and investment with China and understand that the bulk of US-China economic engagement is irrelevant to national security concerns.

Continued trade with China will be crucial for the US’ economic recovery. Saving jobs in Hollywood and US universities, for example, depends on maintaining strong ties with China.

From donations of medical supplies to scientific collaboration, scientists, executives and ordinary people in both countries have shown a willingness to cooperate – and a recognition that the crisis needs to be tackled jointly by their governments.

Businesses bear the brunt of the trade war and are best positioned to hold both sides to their pledges of change. With Chinese reforms gaining momentum, business leaders have no reason to hold off advocating for de-escalation and engagement.

The clamour to place greater restrictions on Chinese investment is growing on Capitol Hill. However, such a move would be deeply irresponsible, not least because it would threaten both the US economy and its global influence.

Even if a deal is reached in the current round of negotiations, it won’t last if Beijing and Washington don’t make compromises and draw up clear rules for future interactions.

While Beijing’s moves do not go far enough, they have made a real difference to foreign businesses entering the Chinese market, including US firms. Trade negotiators on both sides should seize on the opportunities this presents.

Increasing US scrutiny into investments by foreign companies could lead to a blanket ban on Chinese funding in specific sectors, in turn dealing a blow to US jobs, America’s investors, and its reputation for transparency and openness