When the United States and China reached a Phase One trade agreement in January, US companies with business in China breathed a measured sigh of relief. The agreement was hardly comprehensive, but it broke new ground in resolving old disputes. It also offered a chance at improved commercial and diplomatic engagement after many months of escalating tariffs and tension. But on the heels of the Phase One deal’s announcement, China’s coronavirus outbreak became an epidemic, bringing with it dramatic economic disruptions. COVID-19 has supplanted the trade truce as the relationship’s new destabilizing factor, one that is being leveraged more baldly and aggressively to pry our economies apart.