Bangladesh, Oct. 13 -- Recently a spokesperson for Chinas Ministry of Commerce delivered one of Beijings clearest messages yet regarding US trade policy: “Willful threats of high tariffs are not the right way to get along with China.” The statement, which addressed Washingtons latest tariff threats and Chinas export control measures on rare earths, marked a significant escalation in rhetoric as trade tensions between the worlds two largest economies threaten to resurface.

The backdrop to this renewed dispute is a familiar one. In early October, the United States announced plans to impose tariffs of up to 100 percent on Chinese imports, including electric vehicles, batteries, and critical minerals, under the pretext of counter...