Senior Chinese and US officials are talking in Beijing to try and defuse the tensions that have been threatening to drag the world's two largest economies into a trade war. Which shows how little either side would welcome that scenario.

Although it is natural that Beijing and Washington should have differences on trade, that they have been squaring up ready to exchange blows shows how niggly those differences have become. And how difficult it will be for the two sides to walk away happy.

But that is not to say such an outcome is impossible. Trade by its very nature is not a case of winner takes all. Acceptable agreements can be reached if both sides have realistic expectations of their give and take.

US President Donald Trump, who was talking hardball ahead of the discussions, offered a welcome change of tone on Wednesday, expressing his goodwill for the talks, and saying he looked forward to maintaining good relations with China. "We will always have a good (great) relationship," he said in a tweet.

But to what extent the two countries are willing to accommodate each other's demands may well be the test of that.

And while the two sides are conversing to forestall the impending confrontation, fingers will be crossed in other countries that they are able to do so. For it is widely believed that failure would herald a slugfest of tariffs that would leave global trade reeling - not an appealing proposition at the best of times. And certainly not when the global economy is still recovering from the blows it received during the global financial crisis.

So all in all, a deal would be good for everyone, including the United States, something the members of the visiting delegation might like to bear in mind.

But even if the two sides do not strike a deal, and they merely agree to carry on talking, we ought to consider that a positive outcome. At least it would kindle the belief that a satisfactory arrangement can still be negotiated.

But they need to find some common ground if they are to get their relations back on track. The worry is that if they fail to do so, they will banish from their minds all thoughts of reconciliation.

Therefore, let us hope that the US delegation has come with the willingness to talk sincerely rather than with the design to cause injury.