Trump’s trade war isn’t working, but neither did previous administrations’ policy of accommodation.As President Trump meets Xi Jinping in South Korea, I believe America’s China strategy needs a course correction—but not a knee-jerk reversion to a pre-Trump status quo. If we want to win the competition with China, we need to think well beyond the next election and even the next decade. We need to rebuild a durable bipartisan consensus over how to approach the world’s most consequential relationship. That will require a plan that avoids the big swings we’ve seen in our China strategy the past two decades. For...