At the heart of Trump’s latest trade deal with Vietnam and talks with other trading partners is an effort to counter what he sees as China’s unfair practices to circumvent U.S. tariffs.

The so-called “deal,” which has the character of the unequal treaties imposed on colonies in the heyday of imperialist rule in the late 19th and early 20th centuries, has implications that go far beyond Vietnam.

The trade truce between Washington and Beijing may be holding for now, but China is increasingly wary about what’s happening elsewhere: US efforts to forge deals that could isolate Chinese firms from global supply chains.