The Trump administration’s emphasis on “America First" would significantly affect US-China trade and investment, which in turn would affect both countries’ economic performance and global roles (but might not change balance of payments so important to President Trump). The bilateral exchange rate as a rebalancing mechanism would thus remain a focus of China-US negotiations if not conflict. The US government's proposed tax overhaul, plans for infrastructure investment and financial deregulation, and the corresponding adjustment of the US Federal Reserve’s monetary policy will also have spillover effects on China and the world economy. In this PIIE Briefing, scholars from the China Finance 40 Forum (CF40) and the Peterson Institute for International Economics (PIIE) identify ongoing areas of common economic interest for Chinese and American governments, practical ways that the two governments might work together on economic issues, and what is at risk if the Trump administration attacks the rules-based international economic system—which the United States created and which has been essential to both US and Chinese prosperity for decades.