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In addition to what others have mentioned, this analysis completely ignores the massive trade imbalance that is the underlying cause of the entire situation.

The US keeping higher tariffs doesn't simply mean that they're punishing China more than vice-versa, because the US putting tariffs on Chinese imports screws over the US economy dramatically more than it does the Chinese one. This is one of the main reasons why this trade war is so ridiculous (and hilarious), and is a theme going back to the first Trump administration.

It's of course true that China backed off in a sense when they could have turned the screws, but considering this any kind of capitulation (or cessation of resistance or whatever) is a very crude and superficial look at the situation. More time for "as business as usual as possible" only benefits China. Given everything about China's character as a geopolitical actor (long-term thinking and level-headedness compared to the west in particular) I don't think this is surprising at all. China is not the sort of country to continuously react and escalate to a buffoon like this. They've demonstrated that they're the adults in the room, shown the US to be weak, and can return to a relatively normal and non-escalatory position because they know that the more time goes on, the stronger their position is, and the more the imperialist monster will eat itself.

China is playing go while the US takes a shit on a checkers board in their own house and whines about the smell.