Zhong Shan, Minister of Commerce of China. Photo: Imaginechina, Guoji Shangbao

China’s new commerce minister, Zhong Shan, described China’s approach to the Trump administration as something akin to watchful waiting, Bloomberg reported Tuesday. The watch and wait approach seems to be working as the Trump team continues to tone down their rhetoric. In stark contrast to Trump’s calls to label China a currency manipulator on day one, US Treasury Secretary Steven Mnuchin plans to use a regular Treasury review next April to examine currency practices in an objective fashion. One of the Trump team’s biggest China hawks, White House National Trade Council Director Peter Navarro, said last week that the US will ask trading partners to lower their tariffs, in a break from earlier threats of imposing new tariffs. All signs that good things come to those who wait.