On Thursday (30th October), President Trump and President Xi met in Busan and announced an agreement to reduce tariffs on goods related to fentanyl from 20% to 10%, loosen restrictions on rare earths, and resume China’s purchases of US soybeans.

This was interpreted by many observers as evidence that Beijing and Washington could still negotiate ‘big power bargains’ over everyone else. However, the lesson is more complex for Indian strategists. In order to create room for their actual competition in technology, maritime influence, and global rule-making, both sides trade tactical concessions on tariffs, commodities, or enforcement at the so-called G2.

The Busan talks may initially appear to be a G2 reset, with the two superpowers calming markets and stabilising trade. However, none of the

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