China has called President Trump’s bluff.

Chinese negotiators left Washington this weekend with a significant win: a willingness by the Trump administration to hold off for now on imposing tariffs on up to $150 billion in Chinese imports. China gave up little in return, spurning the Trump administration’s nudges for a concrete commitment to buy more goods from the United States, and avoiding limits on its government-led efforts to build new high-tech Chinese industries.

The trade fight is far from over. And large Chinese technology companies in particular could still be vulnerable if the United States decides to start punching again, with administration officials appearing to back away from Mr. Trump’s pledges to help ZTE, a Chinese telecommunications company hit with severe American penalties.